M&A Deal Summary

Leonard Green & Partners and TPG Acquire Troon Golf

On October 13, 2017, private equity firms Leonard Green & Partners and TPG acquired leisure company Troon Golf from Kohlberg & Company

Acquisition Highlights
  • This is Leonard Green & Partners’ 2nd and TPG’s 2nd transaction in the Leisure sector.
  • This is Leonard Green & Partners’ 65th and TPG’s 199th transaction in the United States.
  • This is Leonard Green & Partners’ 3rd and TPG’s 8th transaction in Arizona.

M&A Deal Summary

Date 2017-10-13
Target Troon Golf
Sector Leisure
Buyer(s) Leonard Green & Partners
TPG
Sellers(s) Kohlberg & Company
Deal Type Secondary Buyout
Advisor(s) Moelis & Co. (Financial)

Target

Troon Golf

Scottsdale, Arizona, United States
Troon is a golf and club-related leisure and hospitality services company, providing a variety of services at 620-plus locations around the globe, including managing 640-plus 18-hole equivalent golf courses. Troon was founded in 1990 and is based in Scottsdale, Arizona.

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Buyer(S) 2

Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


DEAL STATS #
Overall 69 of 101
Sector (Leisure) 2 of 2
Type (Secondary Buyout) 23 of 46
State (Arizona) 3 of 4
Country (United States) 65 of 93
Year (2017) 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-29 CPA Global

Jersey, Channel Islands

CPA Global is an intellectual property (IP) management and technology company serving over 10,000 customers and connecting millions of global IP users every day. CPA Global was founded in 1969 and is based in Jersey, Channel Islands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-03 Pure Gym

Leeds, United Kingdom

Pure Gym is a large fitness club operator in U.K. Pure Gym offers its members convenience with 24/7/365 access at a significant value compared to traditional operators. Pure Gym was founded in 2009 and is headquartered in Leeds, United Kingdom.

Buy £600M
Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 297 of 403
Sector (Leisure) 2 of 4
Type (Secondary Buyout) 37 of 64
State (Arizona) 8 of 8
Country (United States) 199 of 270
Year (2017) 24 of 33
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-29 IASIS Healthcare

Franklin, Tennessee, United States

IASIS Healthcare Corp. is an owner and operator of medium-sized acute care hospitals in high-growth urban and suburban markets. Additionally, IASIS owns and operates a Medicaid managed health plan in Phoenix that serves over 108,000 members. IASIS Healthcare was formed in 1998 and is based in Franklin, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-16 VCREDIT

Shanghai, China

VCREDIT is a provider of consumer finance services to prime and near-prime borrowers in China. The company offers credit card balance transfer and consumption credit products. VCREDIT was founded in 2006 and is based in Shanghai, China.

Buy -

Seller(S) 1

SELLER

Kohlberg & Company

Mount Kisco, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kohlberg & Company is a private equity firm which acquires middle-market companies with consistent cash flow, and underperforming companies with operational deficiencies. Kohlberg looks to commit $100 to $500 million of equity capital in opportunities valued from $200 million to $2 billion. Kohlberg generally looks for opportunities in the manufacturing and service sectors, however the Firm will also selectively consider businesses in food and healthcare. Kohlberg tends not to consider technology or communications companies. Kohlberg & Company was formed in 1987 and has offices in Mt. Kisco, New York.


DEAL STATS #
Overall 36 of 47
Sector (Leisure) 1 of 2
Type (Secondary Buyout) 13 of 19
State (Arizona) 1 of 1
Country (United States) 35 of 46
Year (2017) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-05 SpecialtyCare

Brentwood, Tennessee, United States

SpecialtyCare is a provider of outsourced operating room services including perfusion and intraoperative neuromonitoring, autotransfusion, sterile processing management, surgical assist, and minimally invasive surgical support. SpecialtyCare was founded in 2006 and is based in Brentwood, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 SVP Worldwide

LaVergne, Tennessee, United States

SVP Worldwide is a consumer sewing machine company with market shares across all industry price points. SVP unites three of the industry's most widely recognized brands, Singer, Husqvarna Viking, and Pfaff, that successfully target distinct market segments. SVP and it's legacy companies, Singer Worldwide was formed in 1851 and is based in LaVergne, Tennessee.

Sell -