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SBD/August 14, 2014/Finance
ClubCorp Expands Portfolio Of Golf Courses By 45% With Deal For Sequoia Golf Holdings
Published August 14, 2014
MEMBERS ONLY: ClubCorp Holdings President & CEO Eric Affeldt appeared on CNBC this morning to discuss the deal. He said that golf has "evolved as all sports do and all businesses do and our business in particular, while we are the largest owner of golf and country clubs and dining clubs in fact in the world, we really emphasize all the family elements of club life, that being dining, fitness, swim, tennis, et cetera. So it's not just golf. It's a great way for people to come together and spend time." Affeldt said his company is "in the membership business. We own predominantly private clubs so it would be membership growth. Last year we sold more memberships than any year in the last decade and when the year closes out you'll find that this year saw more golf courses trade hands than any year in the last couple of decades. I think you're seeing investors look at the space and say it's an undervalued area, and people like us, who have the ability to grow via acquisitions, are taking advantage of it" ("Squawk Box," CNBC, 8/14). At presstime, shares of ClubCorp were trading a $18.04 per share, down 0.6% from the close of business yesterday (THE DAILY).