The Mosaic Company today announced that it has completed the sale of Streamsong Resort in Bowling Green, FL., one of the world’s leading golf destinations, and approximately 7,000 acres of land on which it sits to Lone Windmill LLC, a subsidiary of Kemper Sports Management LLC.
Chicago-based KemperSports has managed the golf business at Streamsong since the resort opened in 2012, and it has managed the entire resort for the past two years as part of its KemperDestinations division.
The purchase price for the resort and real estate was $160 million. In a statement, Mosaic said it intends to use approximately a quarter of the proceeds of the sale to provide long-term funding for the company’s global community investment activities. The remainder of the proceeds are available for general corporate purposes and are subject to Mosaic’s usual capital allocation strategy, including potential shareholder returns.
“For 10 years Streamsong has demonstrated Mosaic’s ability to put formerly mined land to economically and environmentally productive use,” said Mosaic President and CEO Joc O’Rourke. “It has always been our intention to identify the right long-term steward of Streamsong, and we have clearly done that with KemperSports. Kemper has been an outstanding partner for many years, and we have every confidence that they will continue to build upon Streamsong’s remarkable record of delivering best-in-class guest experiences while providing meaningful employment opportunity and economic impact in Central Florida.”
“Streamsong has generated great value for Mosaic and its shareholders, and this transaction demonstrates Mosaic’s steadfast commitment to disciplined asset and capital management. In addition, funding our community investment work with a portion of the proceeds from the sale ensures that our communities will continue to benefit from Streamsong’s legacy for many years to come.”
“We have always valued our partnership with Mosaic, and it is a privilege now to be carrying on the legacy of Streamsong, a place that is so highly regarded by the golf community,” said Steve Skinner, KemperSports CEO. “Our team has and will continue to prioritize elevating our guest experience and resort offerings, which includes the development of our new fourth course, The Chain, designed by Bill Coore and Ben Crenshaw. We are thrilled with the opportunity to continue to invest in and grow the resort.”