March 2007: Advent International sells Parques Reunidos to Candover Investments, a leading private equity group focusing on large pan European buyouts for a price in excess of €900 million.
This follows a three year investment period which commenced with the de-listing of Parques Reunidos from the Madrid stock exchange (Spain’s first ever Public to Private transaction) and saw Parques Reunidos transform itself into Europe’s foremost consolidator of the attractions park industry via a string of overseas acquisitions.
In this period, Parques Reunidos became the most prominent or European consolidator of the leisure park industry through a series of acquisitions around the world.
Candover intends to continue the same buy and build strategy with the existing management team with the emphasis expected to be on larger deals across a broader range of geographies.
SOCIOS advises Advent on the sale of the business, having advised Advent on the original PtoP and on all of the acquisitions made during its investment period.
The transaction is the largest ever disposal by a private equity group in Spain and achieved new valuation parameters for companies in this sector.