09/30/2014
BOSTON, MA – September 30, 2014 – Parthenon Capital Partners (“Parthenon Capital”), a leading growth-oriented private equity firm, has completed the sale of portfolio company Sequoia Golf Holdings (“Sequoia”) to ClubCorp (NYSE:MYCC) for approximately $265 million.
About Sequoia Golf Holdings
Headquartered in Atlanta, GA, Sequoia owns or operates 50 private clubs, semi-private and resort golf facilities located across the U.S. Its portfolio includes the world-class 63-hole Woodlands Country Club located in the master-planned community of The Woodlands, Texas, a collection of four Atlanta-based premium high-end Sequoia clubs, 25 private Canongate clubs and a select group of golf properties managed for institutional owners, corporations, private investors and equity memberships. The Company began operations in 2003 with the acquisition of seven local courses south of Atlanta and grew every year since inception through organic and acquisitive growth initiatives.
“On behalf of our entire team, I’d like to thank Parthenon Capital Partners for their support and involvement over more than a decade,” commented Joe Guerra, President and CEO of Sequoia, who is continuing with ClubCorp as senior advisor. “We’re proud of the Company we built and look forward to continuing to excel in the years ahead as part of the ClubCorp family.”
“We are very pleased we had the opportunity to work alongside Joe and the Sequoia team since our initial investment in 2003 and are proud of all of the Company’s accomplishments,” said Bill Winterer, a Partner at Parthenon Capital. “The outcome validates our long-term orientation, ability to work and create strong alignment with management and our disciplined consolidation and operating strategy, all of which contributed to the Company’s growth though the financial crisis while many other operators were exiting the industry. Sequoia is a special company and we wish them the best of luck going forward.”
Sequoia Golf and Parthenon Capital was advised by Robert W. Baird & Co., Deloitte Corporate Finance, Kirkland & Ellis LLP and Greenberg Glusker.
About Parthenon Capital Partners
Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon’s investment team has deep experience in corporate strategy, human capital, capital markets and operations, thereby enabling the firm to pursue complex, multi-faceted value creation opportunities. For more information, visit www.parthenoncapital.com.