ClubCorp, Dallas, has agreed to acquire the stock and assets of Atlanta-based Sequoia Golf for $265 million, the companies announced today.

Sequoia Golf currently owns and operates 50 private, semi-private and resort golf facilities across the United States. The acquisition will expand ClubCorp's portfolio of private clubs from 159 to 209 and will make the portfolio nearly five times the size of its next largest competitor, according to the company.

ClubCorp expects the deal to close during the fourth quarter.

"We are thrilled to combine our industry-leading collection of clubs with Sequoia Golf," Eric Affeldt, president and CEO of ClubCorp, said in a statement. "Our combined membership base will benefit from an unmatched opportunity for reciprocal usage. We believe that geographic clustering improves operational efficiencies, drives club utilization, increases options available to our members and enhances the value of ClubCorp's O.N.E. (Optimal Network Experiences) offering."

According to Sequoia, the deal provides it with increased capital to modernize its properties and resources "to offer more robust programming and services to its members and their families."

"Our sale to ClubCorp is very exciting for Sequoia and its members," Joe Guerra, Sequoia president and CEO, said in a statement. "ClubCorp is known for maintaining extremely high standards in club management and investing to improve members' experience. Specifically, their leadership with club reinventions, compelling product offerings and growth via acquisitions serves as a strategic fit for our company."

Sequoia was formed in 2002 by Guerra and its founding partner, Parthenon Capital, which has worked with the company since its inception. Guerra will serve as a senior adviser to ClubCorp, which became a publicly held company last year.

ClubCorp operates fitness centers in many of its golf clubs and country clubs. The company is No. 4 on Club Industry's Top 100 Clubs list with a reported $815.1 million in 2013 revenue. On its 10-K form filed with the Securities and Exchange Commission, ClubCorp broke down its revenue for 2013 into three categories: club operations ($579.8 million), food and beverage ($231.7 million) and other revenues ($3.7 million).