Apollo Sells Invited Clubs in $3 Billion Deal as Golf M&A Hits Decade High

The deal for Invited, which oversees marquee properties like Ohio’s Firestone Country Club, underscores how golf has transformed from a declining sport into a resilient asset class. Investors are betting heavily on the 'sticky' nature of club memberships, which provide reliable recurring revenue that proved immune even during the economic volatility of the pandemic. Apollo partner Daniel Cohen attributes this durability to a fundamental change in consumer behavior, noting that for many, these clubs serve as the primary hub for social life rather than just a venue for sport.

Financial data reflects this broader trend, with golf and private membership deals reaching their highest volume in a decade. Bank of America reports that spending at golf courses has surged 37% above pre-pandemic averages, outpacing growth in theme parks and boating. For firms like KKR and Bain Capital, the appeal lies in the ultra-wealthy demographic—Invited’s members boast an average net worth of $3 million—who prioritize privacy and exclusivity alongside amenities. Under Apollo’s tenure, Invited’s annual EBITDA more than doubled to over $350 million, ultimately drawing KSL back to the company it originally owned and took public nearly two decades ago.