Private Equity Conversations with Fexingo · 2026-07-26 · 10 min
Private equity firms now own roughly one in four golf courses in the United States, up from one in ten a decade ago. Lucas and Luna break down the consolidation play: how firms like ClubCorp and affiliates of Apollo Global Management are buying up both private clubs and public daily-fee courses, rolling them into national memberships, and squeezing operational efficiencies while changing the face of the game. They look at the economics of a typical acquisition - buying a distressed course at 5-7x EBITDA, investing in clubhouses and irrigation, and aiming for a 15-20% internal rate of return over a five- to seven-year hold. The episode also touches on the backlash from traditional golfers and the risk that over-leveraging could lead to a wave of closures if another recession hits. A focused look at a quiet but rapid transformation in American leisure. #PrivateEquity #GolfCourses #ClubCorp #ApolloGlobalManagement #Consolidation #Buyouts #LongHoldInvesting #Business #Finance #FexingoBusiness #BusinessPodcast #LucasAndLuna #PEInvesting #GolfIndustry #OperatingImprovements #MembershipModels #DistressedAssets #LeisureEconomics Keep every episode free: buymeacoffee.com/fexingo
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