ClubCorp Holdings, Inc. to Apollo Global Management

Leisure/Jul 2017/Jefferies, Wells Fargo Securities

Deal Information

Target

ClubCorp Holdings, Inc.

Acquiror

Apollo Global Management

Sector

Leisure

Target Type

Public

Acquiror Type

Financial

Advisors

Jefferies, Wells Fargo Securities

Enterprise Value

$2.2B

EV / LTM Sales

EV / LTM EBITDA

8.9x

EV / Fwd EBITDA

Comparable transactions cited by the advisor, excluding the subject transaction.

EV/LTM Adjusted EBITDA selected range: 7.0x - 9.0x

14 comps


Apr 2017	Intrawest Resorts Holdings, Inc.	KSL Capital Partners, LLC	-	-	9.6x	-
Nov 2016	Accordia Golf Co., Ltd.	MBK Partners LP	-	-	11.3x	-
Sep 2016	Isle of Capri Casinos, Inc.	Eldorado Resorts, Inc.	-	-	8.7x	-
Aug 2016	Affinity Gaming	Z Capital Partners L.L.C.	-	-	8.4x	-
Aug 2016	Whistler Blackcomb Holdings, Inc.	Vail Resorts, Inc.	-	-	15.0x	-
Jun 2016	Diamond Resorts International, Inc.	Apollo Global Management, LLC	-	-	7.1x	-
Oct 2015	Vistana Signature Experiences, Inc.	Interval Leisure Group, Inc.	-	-	11.3x	-
Aug 2015	Steiner Leisure Limited	Catterton Partners	-	-	11.6x	-
Mar 2015	Life Time Fitness, Inc.	TPG Capital, L.P., Leonard Green & Partners, L.P. and LNK Partners LLC	-	-	10.3x	-
Aug 2014	Sequoia Golf Holdings, LLC	ClubCorp Holdings, Inc.	-	-	10.9x	-
Sep 2013	MTR Gaming Group, Inc.	Eldorado Resorts, LLC	-	-	6.2x	-
Dec 2012	Ameristar Casinos, Inc.	Pinnacle Entertainment, Inc.	-	-	7.6x	-
May 2012	Peninsula Gaming, LLC	Boyd Gaming Corporation	-	-	7.0x	-
Mar 2012	Great Wolf Resorts, Inc.	Apollo Global Management, LLC	-	-	9.4x	-
	Mean			-	9.6x	-
	Median			-	9.5x	-

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

WACC: 9.0% – 10.0%
Terminal method: Exit multiple
Terminal assumption: 7.0x – 9.0x (FY2021E Adjusted EBITDA (fiscal year ending December 28, 2021))
Forecast basis: Management Forecasts (internal estimates of management; Projections largely based on a LR… more
Management Forecasts (internal estimates of management; Projections largely based on a LRO previously prepared for the Board, updated as deemed necessary)
Forecast period: second half of fiscal year ending December 26, 2017 through full fiscal year ending Decem… more
second half of fiscal year ending December 26, 2017 through full fiscal year ending December 28, 2021

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Wells Fargo Securities	9.0% – 10.0%	Exit multiple	7.0x – 9.0x (FY2021E Adjusted EBITDA (fiscal year ending December 28, 2021))	Management Forecasts (internal estimates of management; Projections largely based on a LR… more Management Forecasts (internal estimates of management; Projections largely based on a LRO previously prepared for the Board, updated as deemed necessary)	second half of fiscal year ending December 26, 2017 through full fiscal year ending Decem… more second half of fiscal year ending December 26, 2017 through full fiscal year ending December 28, 2021	Open