[ad_1]
Centerbridge Partners is nearing a deal to sell indoor water-park operator Great Wolf Resorts Inc. to Blackstone Group Inc., according to people with knowledge of the matter.
Any transaction would value Great Wolf at at least $2.9 billion, including debt, said one the people, who requested anonymity because the talks are private. No transaction has been finalized and talks between the buyout firms could still fall through, the people said.
Representatives for Blackstone and Centerbridge declined to comment.
New York-based Centerbridge is considering options including a sale for Great Wolf after receiving unsolicited takeover interest, Bloomberg reported in April.
Blackstone is familiar with theme park companies, which are benefiting from higher consumer spending on travel and leisure. The firm nearly tripled its money on a seven-year investment in SeaWorld Entertainment Inc. In June, the Blackstone agreed to help buy the owner of Legoland theme parks for about $6.1 billion.
Centerbridge bought Great Wolf in 2015 from Apollo Global Management Inc. The Chicago-based company now operates 17 resorts, up from 11 at the time of purchase, with two more in development, according to its website.
©2019 Bloomberg L.P.
This article was written by Kiel Porter and Gillian Tan from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.
[ad_2]
Source link