State News

North Carolina country club owner sold for $1.1 billion

Posted July 11

— The owner of a North Carolina country club and former operator of a private social club says it is being sold for $1.1 billion in cash to a New York investment group.

The Winston-Salem Journal reports ClubCorp, owner of Bermuda Run Country Club and former operator of The Piedmont Club, says it is being sold to Apollo Global Management Group LLC.

A ClubCorp spokesman declined further comment on the transaction.

The deal requires the approval of ClubCorp shareholders and is projected to close in the fourth quarter.

ClubCorp acquired Bermuda Run in March 2015 as part of a six-property purchase worth about $44 million. ClubCorp ended its affiliation with The Piedmont Club, dating back to 1987, when its lease for the space expired in March.

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Information from: Winston-Salem Journal

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