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TPG Capital teams up with professional golfer Rory Mcllroy for Troon buyout

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Global buyout major TPG Capital has teamed up with professional golfer Rory Mcllroy’s investment fund Symphony Ventures to buy into golf related hospitality services provider Troon.

Troon provides operational, management, and advisory services to more than 620 golf and leisure facilities from agronomy and course development to membership sales and marketing. It also owns 50 courses that it operates directly.

The firm said the new investment will provide Troon with additional capital, resources and expertise for the next stage of growth.

Paul Hackwell, partner at TPG Capital, said, “Through its impressive scale and operating expertise, Troon has developed a trusted brand that delivers differentiated value to its clients, creating superior experiences for golfers everywhere. We are excited to be partnering with this great group of investors, operators, and experts to help Troon reach its next level.”

Jeff Rhodes, co-managing partner of TPG Capital, added, “Troon is providing the gold standard for upscale golf experiences and is recognized by golfers and clubs alike for its high-quality courses and leading management solutions. The company is well-positioned to expand its market leadership within the industry, at a time when both new and long-time golfers are spending more time on the course.”

TPG hit a hard cap close for its Tech Adjacencies fund in October after raising $1.6bn of commitments in 2019. The TAAD fund focuses on providing flexible capital for tech companies and also offers primary structured equity solutions.

It raised £11.2bn for its flagship TPG Partners VIII fund in 2019.

The firm promoted long-serving exec Todd Sisitsky to become the first ever president of the firm in September.

Other leisure space investment by TPG includes Airbnb, Life Time Fitness and Viking Cruises.

Dealflows in golf-related industries have picked up after the COVID-19 pandemic.

KPS Capital exited sports brand TaylorMade Golf to Korean PE house Centroid Investment Partners in May.

Clearview Capital also exited synthetic turf producer Controlled Products Acquisition to mid-market buyout firm Sentinel Capital Partners in October.

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