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Tower Three backs golf course company Heritage through recap

5 Mar 2014

golf_ball_170sqMid-market focused private equity firm Tower Three Partners has invested in golf course business Heritage Golf Group through a recapitalisation.

The company, which was founded in 1999, operates private, resort and daily-fee golf properties across the US.

Tower Three managing director Mike Nold said, “Tower Three is aligned with Bob Husband and the Heritage leadership team in our collective vision of providing a truly world-class golf and club experience.

“Through this partnership, we are poised to expand, through acquisition, Heritage’s already impressive portfolio of acclaimed properties and further the extensive offerings currently available to members and guests.”

Connecticut-based Tower Three launched a $400m-targeting second fundraise in summer 2012, but is yet to announce any closes.

Tower Three Partners II will follow the same strategy as its predecessor, which made control investments of $50m to $150m in distressed and underperforming assets.

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