Royal Links CC and Yeongam 45 Golf Courses Enter M&A Market

Royal Links Country Club in Taean and Golfzon County Yeongam 45 in Yeongam have entered the M&A market as golf course valuations adjust post-COVID-19. A domestic private equity fund operator is pursuing Royal Links CC at approximately 170 billion won, while Yeongam 45 is marketed at 230.4 billion won through Shinyoung Securities. The listings reflect industry-wide valuation corrections as facilities that surged in value during the pandemic now encounter buyer concerns about sector peak performance.

Royal Links CC Pursues 170 Billion Won Sale

According to investment banking industry sources, a domestic private equity fund operator is pursuing the acquisition of Royal Links CC. The golf course's operator, Royal Links, is wholly owned by golf apparel brand Amico Golf, which holds 100% of shares. The discussed sale price stands at approximately 170 billion won, equivalent to 4.8 billion won per hole.

Royal Links CC is a 36-hole public golf course established in 2013 on reclaimed land in Taean, located 30 minutes from Seosan IC. The property includes Linkshouse, a 63-room accommodation facility. Revenue peaked at 21.9 billion won in 2023, then declined to 21.4 billion won in 2024 and 17.4 billion won last year. Operating profit dropped from 4.5 billion won to 3.9 billion won to 750 million won over the same period. Last year's performance decline is attributed to increased rainy days compared to previous years.

Golfzon County Yeongam 45 Listed at 230.4 Billion Won

Golfzon County Yeongam 45 in Yeongam is proceeding with its sale through lead manager Shinyoung Securities at a price of 230.4 billion won. The facility, which began operations in 2019, is a 45-hole public golf course located 4 hours and 40 minutes by car from Seoul City Hall and 20 minutes by car from KTX Mokpo Station.

Multiple Golf Courses Enter M&A Market

Several golf courses that experienced valuation surges during COVID-19 are entering the M&A market. Cascadia CC in Hongcheon, Gangwon Province, Club D The Players in Chuncheon, Gangwon Province, and Rexfield CC in Yeoju, Gyeonggi Province are also pursuing sales.

Industry Faces Valuation Gap Between Sellers and Buyers

An investment banking industry official stated, "Although multiple golf course listings have recently emerged, concerns among buyers that the golf industry may have peaked remain unresolved. Most listings face significant valuation gaps between sellers and buyers."

FAQ

What is the sale price for Royal Links CC? The discussed sale price for Royal Links CC is approximately 170 billion won, equivalent to 4.8 billion won per hole for the 36-hole facility.

Why did Royal Links CC's operating profit decline last year? Royal Links CC's operating profit dropped to 750 million won last year from 3.9 billion won the previous year, attributed to increased rainy days compared to previous years affecting course operations.