SCOTTSDALE, Arizona – (BUSINESS WIRE) Society. TPG Capital will be 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 expand its market leadership position. Existing investor Leonard Green & Partners (“LGP”) will keep a significant investment in the business.
“Today’s announcement is an exciting milestone for our company and we are incredibly proud to welcome TPG and Rory to the Troon family,” said Tim Schantz, Troon CEO. “Golfers are at the heart of everything we do at Troon, and over the years we’ve built a company that combines in-depth industry expertise with hospitality-grade customer service to help our customers deliver great experiences to their customers, To create members and guests. The investment by TPG, a leading investor and business builder, is a testament to the quality and strength of our offering. We look forward to working with you and the team at LGP to further accelerate our growth and at the same time provide our valued customers and partners with even more resources. ”
Troon currently provides operational, management and advisory services to more than 620 golf and recreational facilities worldwide. Troon’s services can be tailored to the specific needs and strategic direction of each location, from agronomy and course development to membership sales and marketing to community association management. In addition to its sub-management offerings, Troon owns or leases more than 50 golf courses that it operates directly, including the company’s flagship, Troon North Golf Club in Scottsdale.
“With its impressive size and operational expertise, Troon has built a trusted brand that delivers differentiated value to its customers and great experiences for golfers everywhere,” said Paul Hackwell, partner at TPG Capital. “We are excited to be working with this great group of investors, operators and experts to help Troon reach its next level.”
“Troon offers the gold standard for upscale golfing experiences and is recognized by golfers and clubs alike for its quality courses and leading management solutions,” said Jeff Rhodes, Co-Managing Partner of TPG Capital. “The company is well positioned to expand its leadership in the industry at a time when both new and veteran golfers are spending more time on the course.”
“I am excited to invest in the Troon business as it continues to offer great golfing experiences,” said McIlroy. “You really understand what makes golf so special.”
TPG has extensive experience in the travel and leisure space and has invested in dynamic brands such as Airbnb, Life Time Fitness and Viking Cruises that are capitalizing on the long-term consumer experience trend. The investment also reflects TPG’s history and expertise in the enterprise services sector, where the company has experience of partnering with vertical market leaders like Troon to enhance their value propositions and accelerate growth.
“It has been a privilege for LGP to be part of the Troon family for the past four years,” said Kris Galashan, partner at LGP. “We worked closely with management to accelerate both growth and job creation. During our partnership period, Troon has grown its workforce from approximately 13,700 to 24,400 and the number of facilities it manages from nearly 300 to over 620. We are incredibly excited to work with TPG, the management team and Rory in the next phase of the company’s growth. ”
The transaction is expected to close in December and is subject to regulatory approvals and other customary closing conditions. The terms of the transaction were not disclosed. Moelis served as financial advisor to Troon and LGP, and Latham & Watkins served as legal counsel. Deutsche Bank acted as financial advisor to TPG Capital and Kirkland & Ellis acted as legal advisor.
Troon, headquartered in Scottsdale, Arizona, is the world’s largest golf and club-related leisure and hospitality services company, providing services in over 620 locations around the world, including the management of over 640 18-hole equivalent golf courses. In addition to golf, Troon specializes in the management of homeowners associations, private residence clubs, property management and related restaurants. Troon’s award-winning food and beverage division operates and manages over 610 food and beverage operations in golf resorts, private clubs, daily fee golf courses, and recreational facilities. With properties 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, CADDYMASTER, True Club Solutions, Cliff Drysdale Tennis and RealFood Hospitality, Strategy and Design. Troon-affiliated properties include Indian Wells Golf Resort in Indian Wells, California; Yas connects Abu Dhabi in the United Arab Emirates; The Club at Savannah Harbor in Savannah, Georgia; and Lake of Isles in North Stonington, Connecticut. For more news and information, please visit www.Troon.com, or connect with Troon on Facebook, Twitter, Instagram, Troon Chronicles, Press Room, or subscribe to Troon Magazine.
Founded in San Francisco in 1992, TPG is a leading global alternative asset company with $ 108 billion under management and investment and operations teams in 12 offices worldwide. TPG invests in five multi-product platforms: Capital, Growth, Impact, Real Estate and Market Solutions. TPG aims to build dynamic products and options for its clients while ensuring discipline and operational excellence across investment strategy and portfolio performance. For more information, please visit www.tpg.com or @TPG on Twitter.
LGP is a leading Los Angeles-based private equity investment firm founded in 1989 with over $ 50 billion in assets under management. The firm works with experienced management teams, and often with founders, to invest in market-leading companies. Since its inception, LGP has invested in over 100 companies through traditional acquisitions, going private deals, recapitalizations, growth capital, and selective public equity and debt positions. The company primarily focuses on companies providing services, including consumer, health, and business services, as well as retail, distribution, and industrial. More information is available at www.leonardgreen.com.