Financial funds KKR and Investindustrial have decided to put the iconic amusement park in Spain up for sale. After two consecutive summers of strong financial results, the owners are considering a transaction that could be around €1 billion, with JP Morgan possibly leading the way as the primary advisor in this deal.
One of the main reasons behind this decision is the economic recovery the park has experienced after years marked by the COVID-19 pandemic. According to financial sources, it is expected that by the end of the 2023 season, the park will attract more visitors than in 2019, just before the pandemic hit, when a record of 5.2 million visits was reached. During the 2022 season, they came close to surpassing that number, but it is expected that a new record will finally be achieved this year.
Over the past decade, under the guidance of KKR and Investindustrial, attractions have been expanded in both the main park and the adjacent water park. In addition, the Ferrari Land theme park was inaugurated, and new hotels were opened. Thanks to these investments, the park managed to return to profitability, reaching €8.81 million in the 2021 season, after significant losses during the pandemic.
Investindustrial has been the majority shareholder of Port Aventura for almost 15 years, initially as a partner of Criteria, with which they shared a 50% stake until 2012. Then, Investindustrial acquired all of its shares, and in 2013, KKR joined the capital as a new partner, holding 49.9% of the shares. Under the leadership of both owners, the theme park has experienced exponential growth since its opening in the 1990s.
In January of this year, the park's owners refinanced a €700 million loan that was used to finance the company's acquisition. The previous loan amounted to €620 million and was due to mature in 2024, replacing a €420 million bond issue that the shareholders issued in 2013. With this new injection of capital, the park has gained an additional three years without maturities, facilitating the sale process.
Although the sales process is still in a preliminary stage, JP Morgan is expected to play a prominent role as the primary advisor, as they led the refinancing deal. However, sources close to the owners of Investindustrial, KKR, and JP Morgan have stated that the process is not yet finalized and have declined to comment. While it is envisioned as a long-term operation, it is expected to be completed in the year 2024.
Source: Diario AS
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