Concert Golf Partners still a buyer

Less than two months after ClubCorp pulled out of a deal to acquire 16 private clubs from Concert Golf Partners, both companies continue to be buyers.

The Club at 12 Oaks is the latest high-end private club to join Concert Golf Partners. The club is the centerpiece amenity at the 912-acre 12 Oaks community in fast-growing Holly Springs, North Carolina, featuring 1,700 homes.

It was the first acquisition since the Newport Beach, Calif. company acquired Fountains Country Club in Lake Worth, Fla., earlier this year. 

ClubCorp acquired Brookstone Golf & Country Club, in Acworth, Ga. in July. 

ClubCorp cancelled the multi-club acquisition from Concert Golf Partners earlier this summer after David Pillsbury was announced as the company’s new CEO. 

The possible sale had surprised many in the industry because of Concert’s business model. Concert is owned by Peter Nanula and several partners and funded by wealthy individuals who, according to Nanula, “invest for the long term.” Last year, he said he had $150 million to spend with no plans to dispose of any properties.

But, he said ClubCorp presented a unique opportunity and he was willing to consider such a sale. 

Landeavor LLC, a Tampa-based real estate developer, built 12 Oaks, but decided it did not want to own and operate private clubs, nor pass that responsibility on to members.

It turned to Concert Golf Partners, which had acquired MacGregor Downs Country Club in nearby Cary, North Carolina in 2014. Members had positive feedback on that sale and the club is thriving with a healthy, happy membership base, Concert Golf Partners said. 

12 Oaks members and Landeavor had a wish list of capital projects, and Concert Golf Partners agreed to fund them. This includes upgrades to golf course aprons, green and tee complexes and irrigation system; renovating the member bar and grill; and some additional clubhouse remodeling.

 

 

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