DALLAS and NEW YORK -- Invited – The World Leader in Private Clubs® (NYSE:MYCC), today announced that it has entered into a definitive agreement with affiliates of certain investment funds (the "Apollo funds") managed by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, "Apollo") (NYSE:APO), a leading global alternative investment manager, pursuant to which the Apollo funds will acquire all of the outstanding shares of Invited for $17.12 per share in cash, or approximately $1.1 billion. The all-cash transaction represents a premium of approximately 30.7% over Invited’s closing stock price on July 7, 2017. 

The Invited Board of Directors (“Board”), acting with the recommendation of its Strategic Review Committee, unanimously approved the agreement with the Apollo funds. The Board, along with the Strategic Review Committee, the management team and independent financial and legal advisors, conducted a robust and thorough strategic review process, which included discussions with a wide array of potential counterparties regarding a range of possible transactions.

“We are pleased to reach this agreement with the Apollo funds, which follows a comprehensive review of strategic alternatives by Invited’s Board of Directors,” said John Beckert, Chairman of the Board of Invited. “With the support of the Apollo funds, we are confident that Invited will be able to continue building on its success by providing its members with unrivalled experiences at its clubs. This transaction represents the culmination of our review of strategic alternatives and achieves our goal of enhancing value for shareholders. The company looks forward to working closely with Apollo as it enters the next stage of its growth.”

“We are excited for our funds to be acquiring Invited,” said David Sambur, Senior Partner at Apollo. “We look forward to working with Invited’s outstanding management team and talented employees, who have built a best-in-class member-centric business that delivers exceptional experiences. We plan to leverage Apollo's resources and expertise while working with Invited’s dedicated team to continue to grow the business and provide the highest level of service and club offerings to members."