Troon Announces Transaction With Kohlberg & Company
Deep capital resources and expanded board will support continued global expansion as an investor group led by new majority investor Kohlberg & Company teams with founder & CEO Dana Garmany and senior management.
Scottsdale, Ariz. (July 4, 2014) - Troon,® the leader in upscale golf course management, development and marketing, announced today the completion of a significant transaction with an investor group led by Kohlberg & Company and Greg Norman’s organization, Great White Shark Enterprises (GWSE). The transaction provides Troon with new capital and strategic partners, and positions Troon for accelerated growth in the golf and hospitality industry, with enhanced resources benefiting its third-party management model. Kohlberg & Company, a private equity firm specializing in middle market investing, has acquired a majority of the Company’s stock, replacing Starwood Capital and Goldman Sachs as Troon’s majority shareholders.
Dana Garmany, who founded Troon in 1990, will continue to lead Troon as its Chairman, CEO and largest individual shareholder. Troon’s board of directors has been expanded to include principals of Kohlberg & Company and Great White Shark Enterprises, including legendary Hall of Famer Greg Norman. The new investment and partnership will enrich Troon’s value proposition for existing and potential new clients by enhancing the company’s access to capital resources and global relationships.
“We are thrilled with our new partners and the resources they bring to the Troon organization,” stated Dana Garmany, Chairman & CEO, Troon. “Kohlberg & Company’s reputation of investment success along with a track record of fostering world-class operational performance makes them the ideal partner to help implement Troon’s plans for strategic growth. Likewise, Greg Norman and GWSE bring broad golf industry knowledge and a powerful network of global relationships that will further enhance our business. With the support of our new partners, we are confident in both the exponential growth of our company and the value of the increased resources and benefits that will be available to our clients today and going forward.”
Troon, headquartered in Scottsdale, Arizona, oversees operations at properties located in 34 states and 28 countries, with international offices in Australia, Switzerland, Dubai, Hong Kong and Seoul. Troon currently employs more than 9,000 highly skilled individuals worldwide with over 150 professionals serving at the corporate level. With a focus on luxury properties and developments, Troon is the leading player in its rapidly-growing niche of the hospitality industry, which includes services to private clubs, daily-fee courses, golf resort properties and homeowners associations.
“Troon is the singular gold standard in golf management, with its prestigious brand and reputation built on consistent delivery of championship, world-class experiences for golfers and golf enthusiasts around the globe,” commented Chris Anderson, Partner of Kohlberg & Company. “We feel privileged to be partners with Dana Garmany and his deep team of sophisticated golf and hospitality professionals, and we and our partners at Great White Shark Enterprises look forward to supporting Troon’s continued expansion worldwide as well as their unwavering commitment to exceptional service for all Troon clients, members and guests.”
“Under Dana Garmany’s leadership, Troon has redefined management and operational excellence in the golf resort and golf club world, offering the finest experiences and amenities that the industry has to offer. We are pleased to have worked closely with Kohlberg to make this exciting partnership a reality,” commented Greg Norman, Chairman & CEO, GWSE. “My partners and I look forward to sharing our resources and relationships to help Dana and his team build upon Troon’s celebrated history and elevate the company to new heights worldwide.”