NEWPORT BEACH, CALIF. (August 26, 2019) — Concert Golf Partners (CGP) announced that it has secured $100 million in new equity for additional investments in private golf and country clubs through funds managed by Blackstone. A group of high net-worth families led by Fireside Investments will participate alongside Blackstone in this transaction. These new investors will supplement the capital provided by CGP’s current funding sources.
“We are thrilled to welcome some terrific new investor partners,” said Peter Nanula, CEO of Concert Golf Partners. “Our management team remains the same, and so does our goal—to continue growing our boutique portfolio of high-end private clubs and to provide the best possible member experience. This new influx of capital will allow our team to keep doing what we do best – investing in upscale golf and country clubs.”
Blackstone is one of the world’s leading investment firms, which has extensive experience in the hospitality and leisure sectors. Fireside makes growth capital investments in durational real estate businesses.
“Blackstone Tactical Opportunities and Fireside are leading investors in high-end hospitality and leisure businesses with a long-term focus,” Nanula said, “and we welcome their expertise as we seek to enhance the private club experience for our thousands of members.”
“We are excited about working with our new investor partners and we look forward to growing the club portfolio with our existing team,” said Susan Dunnavant, COO of Concert Golf Partners.
“Club members have seen the consistent success at their clubs with fresh investments and improved services, and we are fortunate to have multiple sources of capital for funding new clubs as well as some exciting improvements at our current clubs,” Nanula added.
About Concert Golf Partners
Concert Golf Partners is a boutique owner-operator of private clubs based in Newport Beach, Calif. Formed by Peter Nanula, the founder and CEO of Arnold Palmer Golf Management (1993 to 2000), Concert Golf has amassed a pool of patient, long-term equity capital to invest in and upgrade large-scale private clubs located in major metro areas. Concert Golf owns 20 such clubs nationally, including former developer-owned clubs and longtime member-owned clubs. For more information about Concert Golf Partners, visit www.concertgolfpartners.com.