Troon Announces Significant Strategic Investment from TPG and Rory McIlroy’s Symphony Ventures to Fuel Next Stage of Growth | Business
SCOTTSDALE, Arizona – (BUSINESS WIRE) – November 15, 2021–
Troon®, a leader in golf and club-related leisure and hospitality services, today announced that it has signed a definitive agreement for TPG Capital, the private equity platform of the alternative assets company TPG, to achieve a significant strategic investment in the company. TPG Capital is joined by Symphony Ventures, the investment fund of professional golfer Rory McIlroy, who has agreed to invest in the company in partnership with TPG. The new investment provides Troon with additional capital, resources and expertise to strengthen its leadership position in the market. Existing investor Leonard Green & Partners (“LGP”) will retain a significant investment in the business.
“Today’s announcement is an exciting milestone for our business, and we are incredibly proud to welcome TPG and Rory to the Troon family,” said Tim Schantz, CEO of Troon. “Golfers are at the heart of everything we do at Troon, and over the years we’ve built a business that combines deep industry expertise with hotel-grade customer service to help our guests create world-class experiences. class for their clients, members and guests. . The investment of TPG, a leading investor and business creator, testifies to the quality and strength of our offer. We look forward to working with them and the LGP team to continue to accelerate our growth while providing even more resources to our valued customers and partners.
Troon currently provides operational, management and advisory services to more than 620 golf and recreation facilities around the world. Troon’s services can be tailored to the specific needs and strategic direction of each location, from agronomy and course development, to member sales and marketing, and the management of community associations. In addition to its third-party management offering, Troon owns or leases more than 50 courses that it operates directly, including the company’s flagship property, the Troon North Golf Club in Scottsdale.
“Through his impressive scale and operational expertise, Troon has developed a trusted brand that delivers differentiated value to its customers, creating superior experiences for golfers around the world,” said Paul Hackwell, Partner at TPG Capital. “We are delighted to partner with this great group of investors, traders and experts to help Troon reach his next level.”
“Troon provides the benchmark for premium golf experiences and is recognized by golfers and clubs for its high quality courses and industry leading management solutions,” said Jeff Rhodes, Co-Manager of TPG Capital. “The company is well positioned to extend its market leadership within the industry at a time when novice and long-term golfers are spending more time on the course. “
“I am delighted to invest in the Troon business as they continue to provide great golfing experiences,” said McIlroy. “They really understand what makes golf special.”
TPG has significant experience in the travel and leisure space, having invested in dynamic brands like Airbnb, Life Time Fitness and Viking Cruises that capitalize on the long-term secular trend towards consumer experiences. The investment also reflects TPG’s history and expertise in the business services industry, where it has experience partnering with vertical market leaders like Troon to enhance their value proposition and accelerate their growth.
“It has been a privilege for LGP to be part of the Troon family for the past four years,” said Kris Galashan, LGP partner. “We have worked closely with management to accelerate both growth and job creation. During our partnership period, Troon has grown its employee base from approximately 13,700 to 24,400, and the number of managed facilities from nearly 300 to over 620. We are extremely excited about the idea. to work with TPG, the management team and Rory during the next phase. of business growth.
The transaction is expected to close in December and is subject to regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed. Moelis acted as financial advisor to Troon and LGP, and Latham & Watkins as legal advisor. Deutsche Bank acted as financial advisor to TPG Capital and Kirkland & Ellis as legal advisor.
Headquartered in Scottsdale, Arizona, Troon is the world’s largest golf and club related entertainment and hospitality services company, providing service at more than 620 locations around the world, including the management of over 640 courses. of golf equivalent to 18 holes. In addition to golf, Troon specializes in the management of owner associations, private residence clubs, property management and associated hospitality facilities. Troon’s award-winning food and beverage division operates and manages over 610 food and beverage operations located at golf resorts, private clubs, per diem golf courses and recreational facilities. With properties located in over 45 states and over 30 countries, the Troon family of brands includes Troon Golf, Troon Privé, Troon International, Honors Golf, OB Sports, Indigo Golf Partners, CADDY MASTER, True Club Solutions, Cliff Drysdale Tennis and RealFood Hospitality, Strategy and Design. Properties affiliated with Troon include Indian Wells Golf Resort in Indian Wells, California; Yas Links Abu Dhabi in the United Arab Emirates; The Club at Savannah Harbor in Savannah, Georgia; and Lake of Isles in North Stonington, Connecticut. For news and additional information, visit www.troon.com, or connect with Troon on Facebook, Twitter, Instagram, Chronicles of Troon, Press room, or subscribe to Troon Magazine.
TPG is a leading global alternative assets company founded in San Francisco in 1992 with $ 108 billion in assets under management and investment and operational teams in 12 offices around the world. TPG invests in five multi-product platforms: Capital, Growth, Impact, Real Estate and Market Solutions. TPG aims to create dynamic products and options for its clients while instituting discipline and operational excellence in its investment strategy and portfolio performance. For more information visit www.tpg.com or @TPG on Twitter.
LGP is a leading private equity investment firm founded in 1989 and based in Los Angeles with over $ 50 billion in assets under management. The firm joins forces with experienced management teams and often founders to invest in leading companies in the market. Since its inception, LGP has invested in over 100 companies in the form of traditional buyouts, going-outs, recapitalizations, growth equity, and selective equity and government debt positions. The company mainly focuses on companies providing services, including consumer, healthcare and business services, as well as retail, distribution and industries. For more information, please visit www.leonardgreen.com.
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PUB: 11/15/2021 11:00 a.m. / DISC: 11/15/2021 11:01 a.m.