KSL Capital Partners to buy membership club operator Invited Clubs for second time, sources say

KSL to acquire Invited for around $3 billion, including debt, sources say

KSL previously owned Invited from 2006 until it took it public in 2013

Current owner Apollo had been exploring an exit of Invited

By Abigail Summerville

NEW YORK, April 22 (Reuters) - Private equity firm KSL Capital Partners has agreed to buy Invited Clubs, an operator of golf and membership clubs, for around $3 billion, including debt, according to sources familiar with the matter.

The deal would mark KSL’s second stint as Invited’s owner, having bought the company, then known as ClubCorp, in 2006 for $1.8 billion and taken it public in 2013.​​​​​​​​​​​​​​​​ It comes after Reuters reported in December that Apollo Global Management APO.N, which took Invited back private in 2017 for an enterprise value of $2.2 billion, was exploring options for the company including a sale or initial public offering.

KSL and Apollo declined to comment. Invited did not immediately respond to a comment request.

Founded in 1957, the Irving, Texas-based company has over 150 clubs across the U.S. including golf and country clubs, city clubs and venues within college football stadiums, and over 300,000 members, according to its website.

Marquee clubs include The Metropolitan Club in Chicago and Firestone Country Club in Akron, Ohio. Members pay monthly dues, typically running into hundreds of dollars, after an initiation fee. The company rebranded itself from ClubCorp to Invited in 2022.

The transaction comes on the heels of a wave of dealmaking in the golf and private club sector.

Last year, Bain Capital acquired golf and country club operator Concert Golf, and Leonard Green & Partners bought a majority stake in the Topgolf business from Topgolf Callaway Brands MODG.N. High-end club operator Soho House was taken private for $2.7 billion last year by a group led by MCR Hotels that included actor Ashton Kutcher and Apollo.

KSL, which focuses on travel and leisure investments, already owns golf and country club operator Heritage Golf Group, as well as resort assets including Fairmont Grand Del Mar in California and Alterra Mountain Company, the ski resort group behind the Ikon Pass, which gives skiers access to dozens of mountains worldwide.


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