Dedman Family Looks To Sell ClubCorp, Hold On To Pinehurst

Dallas-based ClubCorp Inc., which is controlled by the Dedman family and owns and manages over 170 golf courses and other private clubs, has hired Goldman Sachs to take bids for the company, “except for one asset: the legendary Pinehurst Resort in North Carolina, which the Dedmans will fully control if ClubCorp sells,” according to Eric Torbenson of the DALLAS MORNING NEWS. ClubCorp Chair Robert Dedman Jr. said that “part of the push to sell is the family’s interest in furthering its charitable legacy in North Texas.” Torbenson noted ClubCorp’s ’05 revenue of $1.04B was up 8.5% from ’04, and ClubCorp CEO John Beckert, who “intends to remain with the company,” said that it “has seen membership growth in each of the last four years.” Torbenson noted trade pub MergerMarket, which reported the news of the sale Thursday, “placed ClubCorp’s value at as much as” $2.7B. But Dedman said, “We don’t have any set price expectations going into this” (DALLAS MORNING NEWS, 5/13). The Dedmans plan to sell the facilities “as one package.” ClubCorp employs 18,000 people and serves more than 200,000 members (AP, 5/13).