Mosaic sells Streamsong Resort for $160 million

The Mosaic Company has sold its Streamsong Resort golf resort in Bowling Green for $160 million to Lone Windmill LLC, a subsidiary of Kemper Sports Management.

Mosaic, the phosphate mining company, had converted a former mining site 10 years go into three golf courses to develop Streamsong Resort as part of its reclamation process of former mines.

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“We sell fertilizer, so we realized that all along that we were not the best long-term steward of the place,” said Ben Pratt, senior vice president for government and public affairs. “We have accomplished what we set out to do.”

Pratt was referring to providing an economic driver in an area of Polk and Hardee counties as the resort employs 500 people in hospitality and sports-related positions, including 200 professional golf caddies.

Mosaic owns 380,000 acres in Manatee, Hillsborough, Polk and Hardee counties. After mining, it takes a long time to return the land to municipalities and others such as Kemper Sports, Pratt said.

The sale was announced Jan. 13, in separate press releases by Mosaic and Chicago-based Kemper Sports.

Kemper had taken over management of the golf business at the resort since the Blue and Red courses opened in December 2012, the release said. The company has experience managing other top-tier resorts such as Bandon Dunes. For the past two years, Kemper has managed the Streamsong Lodge under its Kemper Destinations division.

Mosaic 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, a Mosaic press release said. 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.

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The sale includes approximately 7,000 acres of land, the three 18-hole golf courses — the Coore and Crenshaw designed Red, the Tom Doak designed Blue (both built in 2012) and the Gil Hanse designed Black, which opened in 2017). There are also two clubhouses, the 228-room lodge, an outdoor pool, tennis courts, bass fishing spots, a shooting range, spa and several restaurants and bars.

According to Golf.com, the Red and Blue courses are No. 86 and No. 92, respectively, on GOLF’s Top 100 U.S. courses list for 2022-23. Streamsong Black is No. 39 in GOLF’s Top 100 courses.

It costs between $100 to $300 to play a round of golf at Streamsong.

Last year, the resort announced plans for a fourth 18-hole, a 3,000-yard Coore and Crenshaw designed short course and two more putting courses to be built on land by the lodge. This week, Streamsong posted a video seemingly indicating construction on the putting course had begun.

“For 10 years Streamsong has demonstrated Mosaic’s ability to put formerly mined land to economically and environmentally productive use,” Mosaic President and CEO Joc O’Rourke said in a press release.  “It has always been our intention to identify the right long-term steward of Streamsong, and we have clearly done that with KemperSports."

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KemperSports manages more than 150 golf courses, private clubs, sports venues, and destination resorts nationwide. It has more golf properties named among the top 100 U.S. public and resort courses as rated by GOLF Magazine, Golf Digest, and Golfweek than any other management company.

“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,” KemperSports CEO Steve Skinner said. “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.”

The Mosaic Company employs 13,000 women and men in eight countries producing millions of tons phosphate and potash fertilizers. Mosaic’s products serve farmers in 40 countries by helping them increase crop yields.

“Streamsong has generated great value for Mosaic and its shareholders, and this transaction demonstrates Mosaic’s steadfast commitment to disciplined asset and capital management,” O’Rourke said. “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.”

Paul Nutcher can be reached at pnutcher@gannett.com.

This article originally appeared on The Ledger: Mosaic sells Streamsong Resort to Kemper Sports for $160 million