Tron The leader in the provision of leisure and hospitality services related to golf and clubs, announced today that it has signed a final agreement for TPG Capital, the private equity platform of the alternative real estate company TPG, to make a significant strategic investment in the company. TPG Capital joins Symphony Ventures, the investment fund of professional golfer Rory McLeroy, which has agreed to invest in the company in partnership with TPG. The new investment provides Tron with capital, resources and additional expertise to build on its market-leading position. Existing investor Leonard Green & Partners (“LGP”) will maintain a significant investment in the business.
“Today’s announcement is an exciting milestone for our company, and we’re incredibly proud to welcome TPG and Rory to the Tron family,” said Tim Shantz, CEO of Troon. Combining deep industry expertise with hosting-level customer service to help our customers create first-class experiences for their customers, friends and guests. . The investment of TPG, a leading investor and business builder, is a testament to the quality and strength of our offering. We look forward to working with them and the team at LGP to continue to accelerate our growth while providing additional resources for our valued customers and partners. “
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Troon currently provides operations, management and consulting services to more than 620 golf and leisure facilities worldwide. Tron’s services can be tailored to the specific needs and strategic direction of each location, from agronomy and course development, through the sale and marketing of members and the management of community associations. In addition to the third-party management offer, Troon owns or leases more than 50 courses that it operates directly, including the company’s flagship property, Troon North Golf Club in Scottsdale.
“Through its impressive scale and operational expertise, Troon has developed a trusted brand that delivers distinct value to its customers, creating great experiences for golfers everywhere,” said Paul Hackwell, partner at TPG Capital. “We are excited to partner with this great group of investors, operators and experts to help Latrun reach its next level.”
“Troon provides the gold standard for prestigious golfing experiences and is recognized by golfers and clubs alike thanks to its quality courses and top management solutions,” said Jeff Rhodes, Co-CEO of TPG Capital. “The company is well positioned to expand its market leadership in the industry, at a time when both new and seasoned golfers are spending more time on the course.”
“I am happy to invest in the Tron business because they continue to provide great golfing experiences,” McIlroy said. “They really understand what makes golf special.”
TPG has significant travel and leisure experience, having invested in dynamic brands such as Airbnb, Life Time Fitness and Viking Cruises that take advantage of the long-term secular trend of consumer experiences. The investment also reflects TPG’s history and expertise in the business services sector, where it has partnered with vertical market leaders like Troon to improve their value proposition and accelerate growth.
“It has been a privilege for LGP to be part of the Tron family for the past four years,” said Chris Glashan, an LGP partner. “We have worked closely with management to accelerate both growth and job creation. During our partnership period, Troon has increased its workforce from approximately 13,700 to 24,400, and the number of managed facilities from nearly 300 to more than 620. We are excited Very much to work with TPG, the management team and Rory during the next stage. From the growth of the company. “
The deal is expected to close in December and is subject to regulatory approvals and other acceptable closing conditions. The terms of the deal were not disclosed. Moelis acted as financial advisor to Troon and LGP, and Latham & Watkins served as legal advisors. Deutsche Bank served as financial advisor to TPG Capital, and Kirkland & Alice served as legal advisers.