ClubCorp, Inc. Announces Closing of $300 Million Investment Commitment From the Cypress Group L.L.C. - Funds to Support Accelerated Growth and Expansion.DALLAS--(BUSINESS WIRE)--December 2, 1999-- ClubCorp, Inc. ("ClubCorp"), the world's largest owner and operator of golf courses, private clubs and resorts, today announced that The Cypress Group L.L.C. ("Cypress"), a New York-based private equity firm, has closed on its $300 million investment commitment to ClubCorp. "The entire ClubCorp family of employee-partners welcomes Cypress to our Company," said Robert H. Dedman, Jr., Chief Executive Officer of ClubCorp. "It's clear that with their support we will continue to lead the consolidation of our industry and will continue to foster the growth of our existing properties and the acquisition of others, both in the U.S. and abroad. All of us at ClubCorp look forward to the future and to continuing to develop and enhance our position as the preeminent provider of golf, private club and resort experiences to the world." In conjunction with this transaction, two representatives from Cypress, James L. Singleton and Bahram Shirazi, have joined the board of directors of ClubCorp. Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co. acted as financial advisor to ClubCorp in this transaction. Founded and headquartered in Dallas in 1957, ClubCorp is the world's largest owner and operator of golf, private clubs and resorts with assets of $1.5 billion and an international collection of more than 230 premier properties. Members of the ClubCorp family include Pinehurst (Village of Pinehurst, N.C.), the world's largest golf resort and site of the 1999 U.S. Open The term U.S. Open is applied to "open" United States national championships in a particular sport, in which anybody, amateur or professional, American or non-American may compete. These include:
The Club comprises three courses—those of the North, South, and West—each of which hosted a televised golf event, respectively the American Golf Classic, the CBS Golf Classic (Akron, Ohio Akron is a city in the U.S. state of Ohio and the county seat of Summit County.GR6 The municipality is located in northeastern Ohio on the Cuyahoga River between Cleveland to the north and Canton to the south, approximately 60 miles (96 km) west of ) host of the 1999 NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. Invitational; Metropolitan Club (Sears Tower Sears Tower, Chicago, the world's third tallest building. Until the opening of the 1,483-ft (452-m) Petronas Towers (1997) in Kuala Lumpur, Malaysia, it was the world's tallest building. Constructed from 1970 to 1974 for Sears, Roebuck & Co. , Chicago); City Club of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden ; Capital Club (Beijing); and The Tower Club (Singapore). Additional corporate information about ClubCorp can be found online at www.clubcorp.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion