ClubCorp Holdings Inc., the largest owner of private golf and country clubs in the U.S., is being urged by shareholders Red Alder LLC and ADW Capital Partners LP to convert itself into a real estate investment trust.
Red Alder and ADW Capital are pushing ClubCorp, which went public a year ago and is still controlled by private equity firm KSL Capital Partners LLC, to form a special board committee to explore all alternatives, the funds said today in a letter to independent board members. The funds have amassed a combined stake of less than 5 percent and formed a group that has held talks with ClubCorp’s management as well as other investors, said people familiar with the holdings, who asked not to be identified because the details aren’t public.
