For immediate release 22 January 2007 Candover acquires Parques Reunidos, a leading operator of regional attraction parks 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). -Ends- *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: 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 services. 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. END
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