This article was posted on the ChosunBiz MoneyMove (MM) site at 3:03 p.m. on Nov. 18, 2025.
Centroid Investment Partners (hereafter Centroid), a domestic private equity firm, sold U.S. premium golf club operator Concert Golf Partners (hereafter Concert Golf) to global private equity firm Bain Capital. The sale price was reported to be around 2 trillion won. Centroid achieved an investment return of more than double in about two years.
On the 18th, investment banking sources said Centroid and U.S. firm Clearlake Capital recently sold Concert Golf to Bain Capital.
Bain Capital decided to make the acquisition after determining that demand for premium member golf courses and leisure infrastructure would continue.
Concert Golf is a company that owns 39 private golf and country clubs across the United States. In 2022, Centroid teamed up with Clearlake to acquire all equity from Blackstone for a price just under 900 billion won. Clearlake was the largest shareholder and Centroid was the second-largest shareholder. After acquiring Concert Golf, the two firms carried out 14 additional acquisitions, quickly expanding their portfolio.
MG Community Credit Cooperative (MG Saemaeul Geumgo) participated as an anchor investor in the project fund Centroid set up to acquire Concert Golf. The fund is estimated to achieve an internal rate of return (IRR) in the high 20% range and a return of about twice the principal.
Centroid previously acquired global golf brand TaylorMade and South Springs Country Club, a premium public golf course in Korea. With the addition of Concert Golf, it was evaluated to have built a portfolio covering the entire golf infrastructure.
Centroid participated on Concert Golf's board as an observer (a position that allows attendance at meetings without voting rights), providing a global golf network and sharing know-how on course operations and membership experience improvements. It left open the possibility of equipment, fitting and program collaboration between Concert Golf and TaylorMade, and attempted to organically connect premium golf courses and global brands in the North American market.
Centroid is evaluated to have implemented a value-up model that captures golf goods and brands together with offline leisure infrastructure. It plans to apply this strategy to other consumer and leisure areas in the future.
Meanwhile, Centroid is currently pursuing the sale of TaylorMade's management rights. Investment banking sources expect the corporate value could rise to the mid-to-high 4 trillion won range. If Centroid succeeds in selling TaylorMade at a high price following Concert Golf, it could complete a rare track record in the golf sector.