SARASOTA, Fla.–(BUSINESS WIRE)–This week, The Pickleball Club announced the acquisition of a three-acre site in Fort Myers, Florida and the signing of a purchase agreement for a 5.5-acre site in Venice, Florida.
The Pickleball Club currently has four sites under development, including the Lakewood Ranch club, which is scheduled to open in January 2023. Earlier this month, the company announced its sixth site under contract in The Villages in Sumter County.
“As part of our overall strategy to be first-to-market in each of Florida’s key population centers, securing locations in Fort Myers and Venice secures our status as the prime mover and dominant competitor in Southwest Florida,” said Matt Gordon, co-founder and CFO of The Pickleball Club. “We expect to soon announce our second location in Southeast Florida.”
Construction on the Fort Myers location is slated to begin in the second quarter of 2023, with an anticipated opening in 2024.
The Pickleball Club’s strategic plan is to deploy over $180 million to build at least 15 private indoor pickleball clubs throughout Florida. The company is a privately-owned, for-profit business, focused on meeting the unprecedented demand for indoor amenity-based pickleball facilities. In addition to the Lakewood Ranch, Fort Myers and Venice locations, the company has locations in Port St. Lucie, Bonita Springs and The Villages in its development portfolio.
“With over 100 pickleball courts under development, The Pickleball Club will operate more indoor pickleball courts than any other group in the United States,” said Brian McCarthy, founder and CEO of The Pickleball Club.
The Pickleball Club has reported strong investor support for their growth plans.
“We have recently signed term sheets for over $18 million in construction and permanent debt in support of our Port St. Lucie and Bonita Springs club developments,” said Gordon. “We have also raised over $10 million in equity capital from individual investors and family offices. This allows us the balance sheet strength and confidence to move forward in executing our near-term plan to open 15 private clubs in Florida.”
The Pickleball Club is currently in their C round of equity financing, which they expect to complete before year’s end.
Contacts
Candice Brown-McElyea
Candice@oneeightohpr.com
941-232-9046
