News
Fort Dearborn Advisors Represents Bittersweet Golf Club
Chicago, Illinois - July 2011
Bittersweet Golf Club (“Bittersweet” or “the club”) announced today its sale to the Village of Gurnee. The club will continue to operate under the Bittersweet Golf Club name. Completed in 1996, Bittersweet is an 18 hole, daily fee golf course located on 160 acres in Gurnee, Illinois. Amenities include a lighted driving range, practice greens, and a clubhouse with a pro shop and restaurant.
With the slowdown in the economy, Bittersweet Golf Club’s revenues declined, leading the club to default on its senior bank debt and its ground lease with the Village of Gurnee. Additionally, years of financial underperformance had led to significant deferred capital expenditures. After Bittersweet’s senior lender foreclosed on its operations, Fort Dearborn Advisors was hired to serve as a financial advisor in the sale of the club. For a period of time professionals of Fort Dearborn Partners, an affiliate of Fort Dearborn Advisors, also provided interim financial management and accounting services.
Fort Dearborn Advisors played a vital role as Bittersweet’s exclusive financial advisor by developing marketing and diligence materials from limited information, identifying and screening potential buyers and negotiating the terms of the sale. Despite poor recent financial performance and Bittersweet’s modest size, Fort Dearborn Advisors generated numerous management visits and proposals to acquire the operations and ground lease. By providing a comprehensive suite of turnaround consulting and investment banking services, Fort Dearborn has the expertise to complete complex transactions like Bittersweet Golf Club.
Fort Dearborn Partners ("FDP")
FDP works side by side with owners and managment teams to develop and implement optimal solutions to the most difficult operations and financial challenges. Established in 1990, FDP has earned a solid reputation for generating powerful results while building and leveraging strong relationships. Whether the goal is to achieve sustainable performance improvement, secure additional capital and liquidity, or exit the business, Fort Dearborn's highly experienced team is uniquely qualified to make those goals reality.
Fort Dearborn Advisors ("FDA")
FDA provides mergers and acquisitions advisor, debt and equity placements and finanical restructing services to companies with enterprise values above $10 million. Fort Dearborn Advisor's team of dedicated investment banking professionals has decades of experience in advising companies that are experiencing tight liquidity, facing operational challenges or severe competitive threats.