This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:28 p.m. on Jun. 5, 2026.
Multiple bidders have joined the preliminary auction for Golfzon County, the nation's largest golf course operator that MBK Partners is seeking to sell, raising expectations for strong interest. Even as growth in the golf industry has slowed, its scarcity value as a platform operator that bundles and runs multiple golf courses appears to have been rated highly.
According to the investment banking (IB) industry on the 5th, multiple domestic and overseas financial investors (FI) and strategic investors (SI) are understood to have taken part in the recent preliminary bidding for Golfzon County. About three to four domestic corporations and large private equity funds (PEF) are said to have submitted letters of intent (LOI). However, Macquarie Asset Management, which had been cited as a strong candidate in the initial review stage, did not participate in this auction.
Earlier, Morgan Stanley and Samjong KPMG, the sell-side advisors for Golfzon County, distributed an information memorandum (IM) to domestic and overseas investors in a push to secure bidders. At the time, more than 20 domestic and overseas FIs and SIs were said to have signed non-disclosure agreements (NDA) and reviewed materials, fueling expectations for strong interest.
Golfzon County is the nation's largest golf course operator, running 21 courses nationwide with more than 460 holes. It owns Egmont CC, GC Cheonan, and GC Gyeongnam, among others. Its strength is seen as being an operating platform that has built a nationwide golf course network, going beyond a simple asset company that owns individual courses.
The market says that even though the golf industry's growth has slowed since the end of the COVID-19 boom, Golfzon County's differentiated competitiveness drew investor interest. While the golf course business is affected by economic cycles, unlike membership sales–centric models, it generates recurring use revenue. On top of that, based on its nationwide operating network, it can improve operational efficiency compared with individual courses, which is also cited as an investment draw.
The sale price is discussed at around 2 trillion won. Golfzon County recorded revenue of 285.2 billion won and operating profit of 81.1 billion won last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) is about 150 billion won. The multiple typically applied in sales of individual domestic golf courses is around 10 to 12 times, with a platform premium added to MBK's desired price. MBK is said to be keeping open both options of selling only its own equity and transferring full management control by including the equity held by Golfzon Holdings.
However, some say it is still early at the preliminary bidding stage to judge the true intensity of competition. Bidders have reviewed only limited information, and assessments of price expectations and business outlook could change during due diligence. In particular, given the recent slowdown in the golf course market and interest rate burdens, there is speculation that some candidates may drop out after due diligence.
The transaction is seen as an exit deal that can prove MBK's investment performance. Since acquiring management control of Golfzon County in 2018, MBK has expanded the business through aggressive mergers and acquisitions (M&A). An industry official said, "There are not few individual golf course assets on the market recently, but Golfzon County is effectively the only nationwide operating platform," and added, "Since an expansion strategy through additional bolt-ons after acquisition is also possible, investor interest has continued."