Private Equity Conversations with Fexingo · 2026-06-12 · 12 min
Private equity has been quietly acquiring golf courses across the US, from struggling municipal layouts to high-end private clubs. In this episode, Lucas and Luna examine the economics behind the roll-up: course closures peaked around 2010, but now PE firms see an opportunity to consolidate a fragmented market. They break down the playbook: buy distressed courses at a discount, invest in capital improvements, boost membership revenue, and sell at a higher multiple. They also look at the risks: rising interest rates, declining participation among younger demographics, and the challenge of integrating hundreds of individual properties. Key numbers include the roughly 16,000 courses in the US, 80% of which are independently owned, and the estimated $2-5 million price tag for a typical acquisition. Case in point: ClubCorp, the largest owner of private clubs, was taken private in 2017 for $1.1 billion.
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