TPG Capital, the private equity arm of alternative asset firm TPG, and existing investor Leonard Green & Partners (LGP) are reportedly exploring a sale of Troon Golf. This comes after TPG and Rory McIlroy's Symphony Ventures made a significant strategic investment in Troon in November 2021. The 2021 investment was intended to provide Troon with additional capital, resources, and expertise to expand its market leadership. At that time, LGP retained a significant investment in the business, having first acquired Troon in October 2017.
Troon, founded in 1990 and headquartered in Scottsdale, Arizona, is a prominent company in golf and club-related leisure and hospitality services. It provides operational and advisory services to a vast network of facilities globally. As of November 2021, the company managed over 620 facilities and more than 640 18-hole equivalent golf courses, up from nearly 300 facilities four years prior when LGP first invested. Its employee base also grew significantly, from approximately 13,700 to 24,400 during LGP's initial ownership period.
Rory McIlroy's investment through Symphony Ventures was part of the 2021 deal and marked another significant golf-related backing for his fund, which has a growing portfolio across various sectors, particularly golf, health, and wellness. The terms of the 2021 transaction were not disclosed, and it was expected to close in December of that year, subject to regulatory approvals. Moelis & Company LLC advised Troon and LGP, while Deutsche Bank advised TPG Capital on the initial investment.
