Golfzon County acquires golf club in Cheonan for $133 mil Golf course operator co-owned by MBK Partners continues acquisition spree

Translated by Ryu Ho-joung 공개 2022-02-10 08:06:13

이 기사는 2022년 02월 10일 08:01 더벨 유료페이지에 표출된 기사입니다.

Golfzon County continues its acquisition spree this year with the purchase of Bird Wood Golf Club.

The South Korean golf course operator has agreed to buy the 19-hole golf course in Chenan, South Chungcheong Province, for 160 billion won ($133.6 million), according to a regulatory filing.

Golfzon County is 50% each owned by Golfzon Newdin Holdings and private equity firm MBK Partners. It plans to fund the acquisition through a mix of cash on hand and debt.

The purchase price represents 8.4 billion won per hole, compared with above 10 billion won per hole in recent golf course deals.

A golf craze driven by travel restrictions due to the pandemic has pushed up valuations of golf courses in South Korea, with South Springs Country Club in Gyeonggi Province and Club Mow Golf in Gangwon Province sold at a price of above 10 billion won per hole.

Bird Wood Golf Club, which is the first South Korean golf course with 19 holes, is open to the public.

While the golf course requires two to three hours of drive from the populous Seoul metropolitan area, it is highly accessible from cities in South Gyeonggi Province and Chungcheong Province.

Bird Wood Golf Club has enjoyed strong earnings momentum in recent years, with its operating profit growing more than 70% year-on-year to 6.5 billion won in 2020. Revenue also rose 14% to 11.2 billion won.

With MBK Partners as its backer, Golfzon County acquired seven golf courses in 2018 alone. The acquisition of Bird Wood Golf Club will bring the number of South Korean golf courses operated by Golfzon County to 18. (Reporting by Hyo-jung Lim)
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