Silver Lake exec decides the grass is greener in pro golf

Unlike the average golfers who have to slog out six-hour rounds at their local public course, private equity executives have the net worth and social standing to belong to some of the most exclusive clubs in the country. Look no further than the 2015 member list at Augusta National, for example, which featured three PE execs who reached the top of their industry.

PE’s golf connections were again on display Thursday when Silver Lake executive Seth Waugh (pictured) was named the CEO of the PGA of America, succeeding Pete Bevacqua. In his new role, Waugh will be in charge of the group’s almost 29,000 professionals while guiding a game that has struggled to attract younger players. He begins September 24 and will retain a senior advisor role at Silver Lake.

Before joining Silver Lake as a managing director in 2017, Waugh spent 13 years at Deutsche Bank, including a decade as CEO of the Americas region. During that time, the 60-year-old Florida resident collaborated with the PGA Tour to launch the Deutsche Bank Championship, now known as the Dell Technologies Championship, which begins this year’s tournament Friday in Boston. In addition, Waugh has also spent the past three years as an independent director on the PGA of America board of directors.

The hiring continues an eventful couple of years for private equity and golf. In May 2017, New York-based private equity firm KPS Capital Partners bought TaylorMade, a provider of golf clubs and apparel, from adidas for a reported $425 million. As part of the deal, KPS also bought golf-club maker Adams Golf and Ashworth, a golf clothing brand.

Then last September, Apollo Global Management completed a take-private deal for golf course operator ClubCorp for $17.12 per share in cash, or some $1.1 billion. Based in Dallas, ClubCorp operates more than 200 golf, business, sports and alumni clubs in 28 states, Washington DC and two foreign countries. And if that wasn’t enough, New York-based PE shop Emigrant Capital and New York Private Bank & Trust CEO Howard Milstein bought Golf Magazine and its website from Meredith in February.