UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 27, 1999
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CLUBCORP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 33-89818, 33-96568, 333-08041, AND 333-57107 75-2626719
(State or other (Commission (I.R.S. Employer
jurisdiction of File Numbers) Identification
incorporation) No.)
3030 LBJ FREEWAY, SUITE 700, DALLAS, TEXAS 75234
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 243-6191
Former name, former address and former fiscal year,
if changed since last report: NONE
<PAGE>
Item 5. Other Events
As discussed in the press release attached hereto as Exhibit 99.1, On October
27, 1999, affiliates of the Cypress Group agreed to purchase up to $300.0
million of the common stock of ClubCorp, Inc.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.1 Press release
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Registrant:
CLUBCORP, INC.
By: /s/ James P. McCoy, Jr.
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James P. McCoy, Jr.
Executive Vice President and
Chief Financial Officer
(chief accounting officer)
Date: November 1, 1999
CLUBCORP, INC. ANNOUNCES $300 MILLION COMMITMENT FROM
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THE CYPRESS GROUP L.L.C.
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--INVESTMENT TO PROVIDE ADDITIONAL SUPPORT TO
---------------------------------------------
CLUBCORP INTERNAL AND EXTERNAL GROWTH STRATEGY--
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DALLAS, TEXAS, October 27, 1999 -- ClubCorp, Inc. ("ClubCorp"), the world's
largest owner and operator of golf courses, private clubs and resorts, today
announced that it has entered into an agreement where The Cypress Group L.L.C.
("Cypress"), a New York-based private equity firm, has committed to invest $300
million in ClubCorp.
"We welcome this investment from Cypress, and are very pleased that they have
joined with us in strong support of our growth strategy and our long-term vision
for ClubCorp," said Robert H. Dedman, Jr., Chief Executive Officer of ClubCorp.
"We examined a variety of alternatives to support the growth initiatives we
intend to pursue, and we found that Cypress was the most compatible choice for
us. ClubCorp has been a leader in consolidating our industry, and we believe
today's investment from Cypress will position us to continue to proactively take
advantage of that trend through the growth of our existing properties and the
acquisition of others, both in the U.S. and abroad."
James L. Singleton, Vice Chairman of the Cypress Group, remarked, "The Dedmans
have built an extraordinary company which is clearly the market leader in its
industry. We are honored to become their financial partner as they implement
the next phase of their strategic growth plan. We believe their membership
base, and their world-class management team and collection of assets represents
an unusual opportunity to create value for our existing partners."
In conjunction with this transaction, ClubCorp will expand its board of
directors from four to seven members. Upon closing of the transaction, two
representatives from Cypress and one additional independent director will join
the board. The transaction is expected to close in 1999 and is subject to
customary regulatory approval.
Merrill Lynch advised ClubCorp in this transaction.
The Cypress Group manages two private equity funds with more than $3.5 billion
in commitments. Cypress invests in privately negotiated transactions, targeting
established operating businesses and investing with management to foster
continued growth. Investments made by Cypress include Cinemark USA, Inc.;
Amtrol Holdings, Inc.; Scotsman Holdings; The Multicare Companies; FNC Holdings,
Inc., parent of Frank's Nursery & Crafts, Inc.; and WESCO International, Inc.
The Cypress Group, based in New York City, is headed by its four partners, James
A. Stern, Jeffrey P. Hughes, James L. (Jamie) Singleton and David P. Spalding.
Founded and headquartered in Dallas in 1957, ClubCorp is the world's largest
owner and operator of golf, private clubs and resorts with assets of $1.5
billion and an international collection of more than 230 premier properties.
Members of the ClubCorp family include Pinehurst (Village of Pinehurst, N.C.),
the world's largest golf resort and site of the 1999 U.S. Open; The Homestead,
founded in 1766 and America's first resort (Hot Springs, Va.); Mission Hills
Country Club (Rancho Mirage, Calif.), home of the Nabisco Invitational;
Firestone Country Club (Akron, Ohio) host of the 1999 NEC Invitational;
Metropolitan Club (Sears Tower, Chicago); City Club of San Francisco; Capital
Club (Beijing); and The Tower Club (Singapore).
Additional corporate information about ClubCorp can be found online at
www.clubcorp.com
