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Merlin announces
new shareholder Blackstone reduces stake
Europe's leading attraction operator, Merlin Entertainments has announced that CVC Capital Partners (CVC) has agreed to acquire a 28% stake in the group. The transaction, which values Merlin at £2.25 billion ($3.35bn/€2.75bn), means a reduced stake for Blackstone, although it still retains a significant share of the business together with KIRKBI, the family-owned investment and holding company that controls Lego.
Merlin's ownership structure is now composed as follows: KIRKBI 36%, Blackstone 34%, CVC 28%. The remaining 2% has been retained by the management, with a stake set aside for a staff incentive plan. Like Blackstone, CVC is a leading private equity firm, managing over US$38 billion provided by pension funds, financial institutions and various other partners. In total, CVC has completed over 250 investments across a wide range of industries and countries, and currently owns 53 companies worldwide. Merlin is now in advanced discussions about extending the maturities on its existing debt facilities, but the transaction is not subject to lender consent and Merlin does not intend to increase its financial leverage.
“Having thoroughly reviewed all the options for the next phase of ownership of Merlin, we believe this transaction represents the best way forward,” reports chief executive Nick Varney. “This deal recognises the inherent value and potential of the business and will provide us with the on-going investment necessary to help us achieve our ambitions. Merlin has prospered under private-equity ownership and we believe that we will continue to do so.”
GARMENDALE ENGINEERING THE FUTURE ENGINEERING LIMITED UK
FOR FURTHER INFORMATION PLEASE CONTACT OUR SALES TEAM AT: GARMENDALE ENGINEERING LIMITED Dale Works, Manners Industrial Estate, Ilkeston, Derbyshire, DE7 8EF UNITED KINGDOM Telephone: +44 (0) 115 932 7082 Fax: +44 (0) 115 930 9391 E mail:
enquiries@garmendale.co.uk
Web site:
www.garmendale.co.uk
Commenting on its reduced stake, Blackstone managing director Joseph Baratta, remarked: “Merlin has delivered great returns for Blackstone investors. We are very proud of our involvement. This deal with CVC will allow us to realise part of our investment, while remaining a committed part of the ownership team of a business which we believe will continue to deliver great growth.”
Pirate’s Landing at Legoland Windsor
Following last month’s news item about new pirate-themed areas at various parks operated by Merlin Entertainments, we now have some pictures from Legoland Windsor. Pirate’s Landing at this park on the outskirts of London features a Huss Pirate Ship, Jolly Rocker, plus several rethemed attractions. The new look area is located between Knights’ Kingdom and the Land of the Vikings. On July 17 and 18, the park will host a children’s festival called Legoland Live. Appearing will be Bob the Builder, Fifi, Roary the Racecar and characters from Lazy Town.
RIDE REFURBISHMENT & REPAIR
Garmendale revives Cornish sea monster
NEW FAMILY COASTER FOR 2010
Morgawr is the name of a mythological sea monster from the English county of Cornwall. Now visitors to Cornwall’s Crealy park can come face to face with the fearsome creature on a new rollercoaster. The Pinfari-built ride started life 28 years and was purchased
by Crealy’s owners, the Wright family, from the Tir Prince Fun Park in North Wales. Thanks to the services of Garmendale Engineering Ltd (GEL), the ride has been given new lease of life. “We really had to start from scratch with this project as the original manufacturer folded some time ago and many of the parts are no longer manufactured,” notes Garmendale’s David Shelmerdine. “It has taken all of our experience to
RIDE MANUFACTURERS & PARK SERVICES
One of the new look coaster cars
take this once beautiful old ride through a full redesign and build so that it would be allowed to operate within today’s rigorous standards.“ Like the Loch Ness Monster, there have been many “sightings” of Morgawr over the years, but now Crealy guests are guaranteed to see the creature in coaster form!
16 JULY 2010
RIDE INSTALLATION
FAMILY RIDES
ROAD TRAINS
HERITAGE PROJECTS
AUTOMATED RIDE GATES
RAIL TRAINS
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