Apollo Global Management is weighing a possible sale or IPO of Invited, the large U.S. membership-club operator it took private in 2017. A deal could value the company at over $3 billion including debt, according to reports on December 11th. Apollo has hired JPMorgan and Wells Fargo to evaluate options and test buyer interest.
Invited (formerly ClubCorp) runs more than 200 golf, country, and city clubs across the U.S., including well-known properties such as the Metropolitan Club in Chicago, Firestone Country Club in Akron, and The Woodlands Country Club in Texas. The company rebranded in 2022 as it focused more broadly on lifestyle membership communities.
Why Apollo May Be Ready to Exit
Apollo bought ClubCorp for about $2.2 billion eight years ago and has since expanded the platform and modernized its offerings. With recurring revenue from membership dues and steady demand for curated leisure experiences, Invited has grown into a sizable asset, one that could attract strategic buyers, other private equity firms, or public-market investors.
Exploring a sale now suggests Apollo believes the business is well-positioned to command a strong valuation, especially as investor appetite for recurring-revenue, experience-driven businesses remains high.
What a Deal Would Mean
If Apollo succeeds in selling Invited at or above the $3B mark, it would signal continued confidence in the premium membership and lifestyle category. Invited’s scale, stable cash flow, and nationwide footprint give it broad appeal, and its mix of golf, city, and stadium-based clubs provides exposure to multiple consumer segments.
For potential buyers, the attraction is straightforward: predictable member-based revenue and a large network of physical assets that can be upgraded, expanded, and monetized in new ways.
A Busy Moment for Leisure and Membership Deals
This news lands amid a wave of activity across the leisure and clubs space. Recent transactions include Bain Capital’s acquisition of Concert Golf, Leonard Green’s investment in TopGolf, and the take-private of Soho House in a roughly $2.7B deal involving MCR Hotels and Apollo. Investor interest continues to grow as companies in this category demonstrate strong retention and resilient demand.
Against that backdrop, Invited stands out as one of the sector’s largest and most mature platforms.
Challenges and Unknowns
Even with favorable market dynamics, a sale or IPO isn’t guaranteed. Valuation expectations, financing conditions, and the availability of motivated buyers will all shape the outcome. Invited must also balance growth ambitions with delivering a high-quality member experience, which is something that can become more complicated under new ownership or during a public-market transition.
Still, the fact that Apollo is exploring options signals confidence in how the business has evolved and what it could be worth.
A Turning Point for Both Sides
A successful exit would cap a long run of value creation for Apollo and set Invited up for its next phase, whether that’s under a new sponsor or as a public company. For the broader market, it would reinforce the idea that member-driven lifestyle businesses, which were once considered niche, have become core targets for institutional capital.
In short, Apollo’s potential exit marks an important moment for Invited and reflects the growing relevance of high-quality, experience-based membership platforms in today’s investment landscape.
