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SSG Client Transactions

Title

Edgmont Golf Club
Client Profile

Client Profile

Edgmont Golf Club, Inc. and Edgmont Country Club (collectively, “Edgmont”, the “Property” or the “Club”) is a private non-equity 18-hole golf club situated on over 189 acres on the northern border of Delaware County and Chester County, PA. While the Property and locale were satisfactory for country club and golf course use, the increasing population in the vicinity of the Club and the resulting demand for single family housing made the residentially-zoned land a strong commodity.
Situation

Situation

As a result of declining golf play and revenue, the Club encountered significant challenges in servicing its secured debt and paying its vendors. These challenges, combined with an aggressive collection pursuit by its senior lender, resulted in the Club filing for Chapter 11 bankruptcy in the Eastern District of Pennsylvania in October 2013.
Solution

Solution

Edgmont retained SSG to explore strategic alternatives, including a sale of substantially all of its assets. SSG conducted a comprehensive marketing process which resulted in a wide range of interest from potential buyers and a number of proposed offers. Ultimately, Edgmont executed both a loan agreement and an asset purchase agreement with Ridgewood Real Estate Partners, in partnership with Angelo, Gordon & Company to fund the plan of reorganization, where all creditors were paid in full, and to subsequently purchase substantially all of Edgmont's assets, which provided a significant distribution to equity.
March 2016
has sold substantially all of its assets to a partnership between
and
The undersigned acted as Investment Banker to Edgmont Golf Club, Inc. and Edgmont Country Club on this transaction

Call to learn more

Call to learn more

If you would like to learn more about this transaction, or any of our transactions, call us today.

Philadelphia
(610) 940-1094

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New York
(212) 786-7432

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