Artisan Partners CEO to purchase Erin Hills golf course; Generac plans stock offering
Artisan Partners CEO to purchase Erin Hills golf course
Andrew Ziegler, the co-founder and chief executive officer of Milwaukee-based Artisan Partners Limited Partnership, an institutional investment management firm, plans to purchase the Erin Hills golf course from Robert Lang, the former owner of the Lang Cos.
Located in the Washington County Town of Erin, Erin Hills opened in 2006 and received rave reviews from the golf world, which was impressed with the course’s natural setting in the hilly Kettle Moraine area.
The course hosted the U.S. Women’s Amateur Public Links Championship in 2008 and will host the U.S. Amateur Championship in 2011. Lang said his ultimate dream was to someday host the men’s U.S. Open at the course and previously said that the United States Golf Association was considering Erin Hills for that tournament in the future.
No financial details of the transaction were disclosed.
"After 11 years as the owner and developer of Erin Hills, I welcome and support Andy Ziegler, who has the commitment and resources to take Erin Hills to the height of her potential," Lang said.
Lang has agreed to continue his relationship with Erin Hills through a 10-year consulting arrangement.
Ziegler said the course would remain open for public play.
"I see this transaction as essentially a philanthropic investment. It is a chance to do something good for the state and local community, and to give something back to golf," Ziegler said. "We intend to continue in the direction Bob Lang has started by making the investments necessary to allow Erin Hills to achieve its potential as a championship venue."
Generac plans stock offering
Privately held Generac Holdings Inc. intends to become a publicly traded company.
The Waukesha-based manufacturer of portable residential generators has filed a registration statement for a public offering of its common stock with the U.S. Securities and Exchange Commission.
Generac intends to sell its stock on the New York Stock Exchange under the ticker symbol "GNRC."
Generac was founded in 1959 in entrepreneur Robert Kern’s Waukesha garage. Kern, who sold a controlling stake of the company in 2006 to CCMP Capital Advisors LLC, a Manhattan-based private equity firm, received the BizTimes Bravo! Entrepreneur Award in 2006.
J.P. Morgan Securities Inc. and Goldman, Sachs & Co. will be joint book running managers of the stock offering.
The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the offering may be obtained from: J.P. Morgan Securities at National Statement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, New York, N.Y., 11245, Phone: (718) 242-8002; or Goldman, Sachs & Co., Attn: Prospectus Department, 85 Broad St., New York, N.Y., 10004, Phone (866) 471-2526 or Prospectus-ny@ny.email.gs.com.
