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Press Release: ClubCorp
May 15, 2006
DALLAS, TX -- ClubCorp, the world leader in delivering premier golf, private club, and resort experiences, announces
it has engaged Goldman Sachs as its exclusive financial advisor to explore strategic options, including the possible
sale of the company.
"Our Board has voted to pursue alternatives to realize more value and liquidity for ClubCorp shareholders,"
said Bob Dedman, ClubCorp's chairman. "The market conditions are favorable, the company has a strong management
team, and it is well positioned for the future."
In recent years, the company has successfully refocused on its core business of operating private clubs, improved
its balance sheet and made strategic capital investments in its properties. Trends in member enrollment and retention
are also positive.
"Our management team will continue to operate the company using the same guiding principles established by
our founder Robert Dedman, Sr.," said John Beckert, ClubCorp CEO. "We expect that any option we pursue
will recognize the underlying value of the physical assets of the company as well as the benefits of having experienced,
dedicated Employee Partners that are providing the highest levels of personalized service in a home-away-from-home
atmosphere that defines the private club experience."
If the decision is made to sell the company, the Dedman family will acquire Pinehurst, the historic North Carolina
resort, and the balance of ClubCorp's assets will go to another buyer. The company's agreement with the Dedman
family effectively increases its ownership and control of Pinehurst from 70 percent to 100 percent. Don Padgett
II would continue to lead the Pinehurst management team that operates the resort.
Founded in 1957, Dallas-based ClubCorp and its affiliates own or operate nearly 170 golf courses, country clubs,
private business and sports clubs, and resorts. ClubCorp's annual gross revenue for 2005 was $1.04 billion.
Among the company's nationally recognized golf properties are Firestone Country Club in Akron, Ohio (site of the
World Golf Championships - Bridgestone Invitational); Vista Vallarta in Puerto Vallarta, Mexico (site of the 2006
Champions Tour Puerto Vallarta Blue Agave Golf Classic); Mission Hills Country Club in Rancho Mirage, California
(home of the Kraft Nabisco Championship); Barton Creek Resort & Spa in Austin, Texas (site of two Canadian
Tour events); and The Homestead in Hot Springs, Virginia (America's first resort founded in 1766).
The more than 60 business clubs and business and sports clubs include the Boston College Club; City Club on Bunker
Hill in Los Angeles; Columbia Tower Club in Seattle; Metropolitan Club in Chicago; and the City Club of Washington,
D.C. The company's 18,000 employees serve the nearly 200,000 member households and 200,000 guests who visit ClubCorp
properties each year. Visit http://www.clubcorp.com for additional
company information.
Source: ClubCorp