Exclusive-Apollo explores $3 billion-plus exit of membership club operator Invited, sources say

Exclusive-Apollo explores $3 billion-plus exit of membership club operator Invited, sources say | Global Banking & Finance Review | GBAF

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Home > Finance > Exclusive-Apollo explores $3 billion-plus exit of membership club operator Invited, sources say

Finance

Exclusive-Apollo explores $3 billion-plus exit of membership club operator Invited, sources say

Published by Global Banking and Finance Review

Posted on December 11, 2025

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Tags:investment equity financial markets

By ‌Abigail Summerville

Dec 11 (Reuters) - Apollo Global Management is exploring options, including ‍a ‌sale or initial public offering, for Invited that could value ⁠the operator of golf and ‌membership clubs at more than $3 billion including debt, according to sources familiar with the matter.

Investment banks JPMorgan and Wells Fargo are working on ⁠the process, the sources said, requesting anonymity because the talks are confidential.

Apollo, JPMorgan and Wells Fargo declined to comment.

Apollo took ‌the company, formerly known as ⁠ClubCorp, private in 2017 for a $2.2 billion enterprise value. The Dallas-based company rebranded itself to Invited in 2022.

Invited has over 200 clubs across the U.S. including golf and country clubs, city clubs and clubs within college football stadiums. Marquee clubs include The Metropolitan Club in Chicago, Firestone Country Club in Akron, ‍Ohio and The Woodlands Country Club in Houston, Texas. Members pay monthly dues, typically hundreds of dollars, after an initiation fee.

There has been a flurry of golf-related and membership club acquisitions this year.

Just last month, Bain Capital announced a deal to buy golf and country club ⁠operator Concert Golf, and Leonard Green & Partners agreed to buy a majority stake in the TopGolf business from TopGolf Callaway Brands. Earlier this year, high-end club operator Soho House agreed to be taken private for $2.7 billion by a group led by MCR ‌Hotels that includes actor Ashton Kutcher and Apollo.

(Reporting by Abigail Summerville in New York; Editing by David French and Deepa Babington)

Frequently Asked Questions about Exclusive-Apollo explores $3 billion-plus exit of membership club operator Invited, sources say

1What is an initial public offering (IPO)?

An initial public offering (IPO) is the process through which a private company offers its shares to the public for the first time, allowing it to raise capital from public investors.

2What is equity?

Equity represents ownership in a company, typically in the form of shares. It signifies the value of an owner's interest in the business after all liabilities have been deducted.

3What are investment banks?

Investment banks are financial institutions that assist companies in raising capital by underwriting and issuing securities. They also provide advisory services for mergers and acquisitions.

4What is a membership club operator?

A membership club operator manages clubs that provide exclusive services and amenities to members, often requiring initiation fees and monthly dues for access.

5What is a sale in the context of business?

A sale in business refers to the transaction where ownership of goods or services is transferred from a seller to a buyer, typically in exchange for money.