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22.01.2007 | 17:22
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PR Newswire·Mehr Nachrichten von PR Newswire
For immediate release 22 January 2007

Candover acquires Parques Reunidos, a leading operator of regional attraction


Candover*, a leading European buyout specialist, today announces that it has
signed an agreement to acquire Parques Reunidos from Advent.  The value of the
transaction has not been disclosed. This is the second investment to be made by
Candover in Spain and the sixth investment from the €3.5bn Candover 2005 Fund
which closed in November 2005.


Parques Reunidos is headquartered in Madrid and is the third largest European
operator of attraction parks. The Group currently operates 22 separate parks
including amusement parks, animal parks and water parks, across 6 countries -
Spain, Italy, France, Belgium, Norway and Argentina.  These parks are well
located and are generally the leading family attraction in the surrounding
area. The Group reported pro forma revenues of €193.5m in 2006 and entertained
over 9.2m visitors.


Parques Reunidos has grown significantly through a combination of organic
growth and acquisitions. The management team is led by Richard Golding (Chief
Executive) and Jose Diaz (General Manager). Both have been at the forefront of
European consolidation having led the growth and international expansion of the
group since they joined in 2003, and prior to that in their similar roles at
Aspro Ocio. Their growth strategy of acquiring and integrating under-performing
regional attraction parks will remain a core focus for the Group going forward.


Majority equity funding is being provided by the Candover 2005 Fund with a
substantial minority investment from the shareholders of Bourne Leisure. The
management team including Richard Golding, Jose Diaz and Pedro Cortes will all
re-invest in the new equity structure.  Debt and mezzanine financing is being
led by Royal Bank of Scotland.  The acquisition is conditional upon approval by
EU competition authorities.


Commenting on the transaction, Richard Golding, Chief Executive of Parques
Reunidos said:


"We are very excited to have Candover's backing and access to their collective
expertise in the leisure sector as we seek to continue building our portfolio
of attraction parks across Europe and possibly further afield. We are
continuously examining new acquisition opportunities in what is a highly
fragmented market, and we are well placed to build on our leading position."


Marek Gumienny, Managing Director of Candover, said:


"Parques Reunidos is a unique business led by an impressive management team.
The Group's parks are well invested and among the finest in Europe.  Over
recent years, Richard and his team have delivered significant growth in
revenues and EBITDA. This has been achieved by their proven strategy to operate
well established, regional, individually branded attraction parks and identify
further parks to complement the portfolio.


"We are also delighted to have renewed our partnership with Bourne Leisure in
assessing this acquisitionand its future prospects. We are confident that
Richard and his team will continue to deliverimpressive results in the future
as we seek to double the size of the Group over the next few years." 


Candover was advised on the transaction by Merrill Lynch  (corporate finance),
Alpha Corporate (corporate finance), Clifford Chance (legal), Bain
(commercial), and PwC (financial due diligence).




*Candover means Candover Investments plc and / or one or more of its
subsidiaries, including Candover Partners Limited as General Partner of the
Candover 1997 and 2001 Funds and as Manager of the Candover 2005 Fund.


For further information, please contact:


For Candover

Marek Gumienny                                        +44 (0) 20 7489 9838


Tulchan Communications

Julie Foster / Peter Hewer                            +44 (0) 20 7353 4200



Notes to Editors



Candover is a leading provider of private equity for large European buyouts. 
Founded in 1980, Candover has invested in 131 transactions with a value close
to €40 billion. Investment in deals by Candover is provided in two forms, from
Candover Investments plc, a publicly quoted investment trust, and from funds
managed by Candover Partners Limited, a wholly owned subsidiary.  

In November 2005, Candover raised the €3.5bn Candover 2005 Fund which has made
five investments to date, the acquisition of a majority stake in Ferretti SpA,
a leading manufacturer of high performance luxury motor yachts, the €1bn
acquisition of Hilding Anders, a leading European mattress and beds
manufacturer, the £348.7m acquisition of UK mail services company DX Services
plc and merger with Secure Mail Services, the €450 million buyout of Norwegian
cable TV operator Get (previously UPC Norway), and the €480 million buyout of
EurotaxGlass's Group, a leading provider of automotive data and intelligence

The Candover Group now has four offices in London, Paris, Düsseldorf and Milan,
and a local presence in Madrid. Candover Partners Limited is authorised and
regulated by the Financial Services Authority in the UK.

Bourne Leisure:

Bourne Leisure is one of the UK's leading providers of domestic holidays with
brands such as Haven, Butlins, Warner and British Holidays. In October 2000,
Candover backed Bourne Leisure in its acquisition of the Holidays Division of
Rank to create a new force in the British Holiday market. Candover sold their
stake in Bourne Leisure back to the company in February 2004.

Candover Partners Limited 20 Old Bailey London EC4M 7LN Telephone +44 (0)20
7489 9848 Fax +44 (0)20 7248 5483

e-mail info@candover .com www.candover.com Authorised and regulated by the
Financial Services Authority.


© 2007 PR Newswire