With golf participation rates surging to record levels, Denver-based private equity firm KSL Capital Partners has an agreement to acquire Invited Clubs, the largest private golf course owner and operator in North America, according to an email to KSL investors reviewed by Forbes.

The deal is valued at $2.6 billion and was expected to close in approximately 60 days, according to the email, which was sent on Friday.

For Invited, which was previously known as ClubCorp and has 125 owned clubs in its portfolio, including PGA Tour tournament hosts TPC Craig Ranch in Texas and Firestone Country Club in Ohio, a sale would end nine years of ownership under Apollo Global Management. The massive asset management firm, which took Invited private in 2017 at an enterprise value of $2.2 billion, is believed to have been shopping the company for years.

KSL, which specializes in travel and leisure businesses and has $23 billion in assets under management, is familiar with Invited, having owned the company under its former name from 2006 through a 2013 initial public offering. It is expected to merge Invited’s portfolio with its own Heritage Golf Group, which has 47 courses.

Apollo did not immediately respond to a request for comment, and KSL declined to comment. Invited also declined to discuss the deal but said in a statement, “Invited Clubs remains focused on delivering exceptional experiences for our members and continuing the strong performance across our portfolio.”

Reuters first reported news of the agreement.

The deal is set against a boom in the sport. The Covid-19 pandemic sent millions of Americans scrambling to find new outdoor hobbies, and the flexible work arrangements that have remained in place have helped create a new generation of golfers that has grown each year. According to the National Golf Foundation, a trade association that tracks the industry in the U.S., 48.1 million people played some form of golf last year—29.2........

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