Secondary Buyout • Leisure

Fortress Acquires Accordia Golf

On November 15, 2021, asset manager Fortress acquired leisure company Accordia Golf from MBK Partners and CPP Investments for 3.5B USD

Acquisition Context
  • This is Fortress’ 3rd transaction in the Leisure sector.
  • This is Fortress’ 4th largest (disclosed) transaction.
  • This is Fortress’ 1st transaction in Japan.
Investment Fate
  • Accordia Golf was sold to a publicly-traded strategic buyer in 2025 for 3.3B USD.

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M&A Deal Summary

Date November 15, 2021
Target Accordia Golf
Sector Leisure
Buyer(s) Fortress
Sellers(s) MBK Partners
CPP Investments
Deal Type Secondary Buyout
Deal Value 3.5B USD

Target Company

Accordia Golf

Tokyo, Japan
Accordia Golf is a diversified owner of golf courses and golf driving ranges across Japan. Accordia Golf was founded in 1981 and is based in Tokyo.
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Buyer Overview 1

Buyer

Fortress

New York, New York, United States

Category Asset Manager
Founded 1998
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Fortress is a public investment firm that manages hedge fund, credit, and private equity investments. Fortress' private equity practice primarily makes control-oriented investments in North American and Western European businesses with significant asset-bases and strong cash-flows. Fortress is open to investing in a wide range of sectors, however the Firm has tended towards capital intensive sectors. These include transportation, financials, senior living/healthcare, real estate, media & telecommunications, leisure and energy infrastructure. The pivate equity group also invests in publicly traded alternative investment vehicles, which Fortress refers to as 'castles' that primarily invest in real estate and real estate related debt. Fortress was formed in 1998 and is based in New York City.


Deal Context for Buyer #
Overall 41 of 49
Sector: Leisure 3 of 3
Type: Secondary Buyout 4 of 9
Country: Japan 1 of 2
Year: 2021 2 of 3
Size (of disclosed) 4 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-29 NextNav

Reston, Virginia, United States

NextNav is a provider of high-precision location services for mobile and wireless applications, delivering accurate positioning indoors and in GPS-challenged environments. NextNav was founded in 2007 and is based in Reston, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-15 Punch

Burton upon Trent, United Kingdom

Punch is a pub and bar operator in the United Kingdom, with around 1,300 leased pubs. Punch Taverns was formed in 1997 and is based in Burton upon Trent, United Kingdom.

Buy -

Seller Profiles 2

SELLER

MBK Partners

Hong Kong, China

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

MBK Partners is a private equity firm focused on opportunities throughout Northern Asia (Korea, Japan, China, and Taiwan). MBK specializes in a variety of transactions, including management buy-outs, corporate divestitures, take privates, and add-on acquisitions and will consider both majority and minority positions. Sectors of interest include telecommunication/media, financial services, heavy industrials, consumer, pharmaceuticals, and business services. MBK Partners was formed in 2005 and is based in Hong Kong. The Firm has additional offices in Seoul, Tokyo, and Shanghai.


Deal Context for Seller #
Overall 21 of 21
Sector: Leisure 1 of 1
Type: Secondary Buyout 5 of 5
Country: Japan 5 of 5
Year: 2021 3 of 3
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-13 DN Solutions

Seoul, South Korea

DN Solutions is a manufacturer of turning centers, machining centers and other precision machine tools. DN Solutions was founded in 1976 and is based in Seoul, South Korea.

Sell ₩2.40T
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-03 Dongjin Textile

Busan, South Korea

Dongjin Textile is a specialized shoe textile manufacturing company that has production facilities in Vietnam and Indonesia. DJT is a key supplier of synthetic textiles to global athletic footwear brands, including Nike and Adidas. Dongjin Textile was founded in 1968 and is based in Busan, South Korea.

Buy $654M
SELLER
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


Deal Context for Seller #
Overall 22 of 37
Sector: Leisure 1 of 1
Type: Secondary Buyout 1 of 6
Country: Japan 1 of 1
Year: 2021 12 of 14
Size (of disclosed) 9 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-08 Inmarsat

London, United Kingdom

Inmarsat is a global mobile satellite communications provider that owns and operates a diverse global portfolio of mobile telecommunications satellite networks, and holds a multi-layered, global spectrum portfolio, covering L-band, Ka-band, and S-band, enabling unparalleled breadth and diversity in the solutions it provides. Inmarsat's long-established global distribution network includes not only the world's leading channel partners but also its own strong direct retail capabilities, enabling end-to-end customer service assurance. The company has an unrivalled track record of operating reliable global mobile satellite telecommunications networks, sustaining business and mission critical safety and operational applications for more than 40 years. It is also a major driving force behind technological innovation in mobile satellite communications, sustaining its leadership through a substantial investment and a powerful network of technology and manufacturing partners. Inmarsat was formed in 1979 and is based in London.

Sell $7.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-18 Berlin Packaging

Chicago, Illinois, United States

Berlin Packaging is a supplier of custom and stock rigid packaging and related solutions to large and small customers nationwide in end markets such as food and beverage, household/personal care, healthcare, and chemicals. Berlin Packaging was founded in 1898 and is based in Chicago, Illinois.

Buy -

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