Large indoor waterpark chain acquired by private investment firm

by jason_cramp | March 26, 2015 3:17 pm

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Apollo Global Management LLC, which operates one of the largest chains of indoor water park resorts in North America under the Great Wolf Lodge name, has entered an agreement and plan of merger with a private investment firm that will take over the business.

According to the Wisconsin State Journal, an affiliate of Centerbridge Partners in New York, NY, will purchase the business, which currently operates 13 family resorts—with one location in Niagara Falls, Ont.—for $1.35 billion. Apollo took the company private in 2012 for $798 million.

“This is an exciting next chapter for Great Wolf Resorts,” says Great Wolf’s CEO, Kimberly Schaefer. “During our partnership with Apollo we saw tremendous growth, including opening our 12^th Great Wolf Lodge in Fitchburg, Mass., and having our 13^th under construction in Garden Grove, Calif.

“Now as we join Centerbridge’s portfolio, we look forward to continuing to provide families with amazing experiences at each of our lodges.”

Great Wolf is a leading hospitality business and we are excited to support the company in its next phase of growth, adds William Rahm, senior managing director for Centerbridge.

“We are also fully committed to expanding the company into new markets so more families can enjoy a Great Wolf vacation,” says Rahm.

The merger agreement was unanimously approved by Great Wolf’s board of directors and the transaction is expected to close in the second quarter of 2015.

Source URL: https://www.poolspamarketing.com/trade/large-indoor-waterpark-chain-acquired-by-private-investment-firm/

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