HGC Holdings LLC DBA Heritage Golf Group Reaches 50-Club Milestone With Acquisition of Independence Golf Club in Richmond

RICHMOND, Va. — Sept. 15, 2026 — HGC Holdings, LLC DBA Heritage Golf Group has acquired Independence Golf Club, a 27-hole semi-private golf and event destination located at 600 Founders Bridge Blvd in Midlothian, Virginia, the company announced. The transaction brings Heritage Golf Group's national portfolio to 50 clubs, up from six when the current ownership team took over in January 2020.

A Portfolio Milestone in Central Virginia

Independence Golf Club joins Heritage Golf Group's existing Virginia holdings — 1757 Golf Club in Dulles, Spring Creek Golf Club in Charlottesville, and The Dominion Club in Richmond — giving the firm four clubs in the state where it is headquartered. Independence sits approximately 20 minutes from The Dominion Club, deepening Heritage's footprint in the Richmond metropolitan market.

"When we started growing Heritage Golf Group, our goal was never simply to build a larger portfolio of clubs," said Mark Burnett, CEO of Heritage Golf Group. "We believed there was an opportunity to build a company that put people first, invested meaningfully in its clubs, and gave strong local teams the support and freedom to create great experiences for their Members and guests. Reaching 50 clubs is certainly a milestone worth celebrating, but what means the most is the impact we've been able to make at each club."

Jim Oliver, COO of Heritage Golf Group, added that Independence's operational profile made it a natural fit. "Independence is an incredibly unique property with a rich history, exceptional golf and a strong reputation throughout the Richmond community. Its longstanding relationships with local businesses and impressive daily-fee golf operation make it a natural fit for our portfolio, and we look forward to building on the strong foundation already in place."

Asset Profile: 27 Holes, 260 Acres, and a Tom Fazio Design

Independence Golf Club opened in 2001 as the centerpiece of the Founders Bridge residential development in Midlothian. The property spans approximately 260 acres and features a roughly 22,000-square-foot clubhouse. Its golf offering comprises two distinct courses: The Championship Course, an award-winning 18-hole layout originally designed by architect Tom Fazio, and The Bear, a nine-hole par-3 course.

The Championship Course carries five sets of tees ranging from approximately 5,000 yards to more than 7,100 yards and is currently ranked No. 18 among Virginia's top public golf courses by Golf Digest. The Bear par-3 course supports walking rounds, footgolf, and disc golf, positioning the club to attract families, beginners, and recreational players alongside traditional golfers.

Independence has served as the host venue for the Virginia State Golf Association Men's State Open from 2007 to 2013 and again from 2020 through 2026, a tenure that underscores the course's competitive-caliber agronomy and regional standing.

Diversified Revenue: Food, Beverage, and Events

Beyond golf, Independence operates Tavern 19, a public restaurant offering indoor and outdoor dining overlooking the course. The clubhouse also houses a range of event spaces — including the Ballroom, the Fall Line Room, and the Business Center, an amphitheater-style auditorium suited for corporate presentations and large gatherings — making the property a destination for weddings, corporate meetings, conferences, and social events.

That diversified revenue profile — combining daily-fee golf rounds, food and beverage operations, and a robust private-events business — is consistent with the hybrid resort/daily-fee asset type that has drawn institutional and roll-up operators to the golf sector in recent years. Golf-course transaction data for daily-fee and semi-private properties in Virginia and nationally shows going-in cap rates generally in the 10–13% range, with sale prices for assets of this type typically falling between $2.5 million and $5 million, though properties with stronger brand recognition, metro adjacency, and event infrastructure can trade toward the upper end of broader market intervals.

Heritage Golf Group's National Expansion Strategy

Heritage Golf Group's home office is in northern Virginia, just outside Washington, D.C. Its 50-club portfolio spans Alabama, Colorado, Florida, Georgia, Illinois, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, South Carolina, Tennessee, Virginia, and Wisconsin. The company pursues a mix of private country clubs in residential communities, member-owned clubs seeking strategic alternatives, and premium daily-fee and resort golf properties in major resort destinations and metropolitan markets.

A key element of Heritage's operating model is the Heritage Plus Network, which provides members reciprocal access across the portfolio. By clustering clubs regionally — as it has done in Virginia — the company creates travel and access benefits intended to strengthen member retention and drive cross-property utilization.

The broader golf industry has experienced sustained demand since 2020, with an active acquisition market for golf-course assets. Average sale prices for golf properties nationally ran around $6.05 million with medians near $3.5 million, based on 2025 U.S. golf market data. Heritage's pace of growth — from six clubs to 50 in roughly six years — reflects both the availability of assets and the firm's stated strategy of acquiring properties where operational investment can enhance the member and guest experience.

Sources

Heritage Golf Group – Independence Golf Club Announcement