Private equity firm Centerbridge Partners has acquired from Apollo Global Management via auction indoor water park operator Great Wolf Resorts for US$1.35 billion, including debt, according to multiple reports.
Reuters reported on Wednesday that the deal for 12 waterpark resorts across the United States could be announced by Tuesday and that Centerbridge is paying the equivalent of more than ten times the company’s annual earnings before interest, tax, depreciation and amortization.
Apollo took Great Wolf private in 2012 for US$703 million and now stands to make around 2.5 times its investment on the deal.
Centerbridge is “fully committed to expanding the company into new markets,” Senior Managing Director William Rahm said in the statement.