Club Corp., the Texas-based parent company that owns the Commerce Club in downtown Greenville, is being sold to Apollo Global Management LLC, a New York-based private equity firm, for approximately $1.1 billion.
The Commerce Club is a private club that was opened in 1984 and is located at the top of the One Liberty Square building.
ClubCorp had been undergoing a strategic review of the company earlier this year, a spokeswoman said, and chose Apollo to take over the company’s clubs.
“With the support of the Apollo funds, we are confident that ClubCorp will be able to continue building on its success by providing its members with unrivaled experiences at its clubs,” said John Beckert, chairman of the ClubCorp board of directors.
Apollo is expected to continue running ClubCorp’s 200 clubs across the country with no change to the clubs’ operations.
The acquisition is expected to close later this year, after which ClubCorp will be a privately held company. Shareholders will be paid a one-time dividend of 13 cents per share later this month.
In South Carolina, ClubCorp also owns the Harbour Club near Waterfront Park in downtown Charleston, the Capital City Club in Columbia, Woodside Plantation Country Club in Aiken, and three clubs on Hilton Head Island.