M&A Deal Summary

Hilton Grand Vacations Acquires Diamond Resorts

On March 10, 2021, Hilton Grand Vacations acquired leisure company Diamond Resorts from Apollo Global Management and Reverence Capital Partners for 1.4B USD

Acquisition Highlights
  • This is Hilton Grand Vacations’ 1st transaction in the Leisure sector.
  • This is Hilton Grand Vacations’ largest (disclosed) transaction.
  • This is Hilton Grand Vacations’ 1st transaction in the United States.
  • This is Hilton Grand Vacations’ 1st transaction in Nevada.

M&A Deal Summary
Date 2021-03-10
Target Diamond Resorts
Sector Leisure
Buyer(s) Hilton Grand Vacations
Sellers(s) Apollo Global Management
Reverence Capital Partners
Deal Type Add-on Acquisition
Deal Value 1.4B USD
Advisor(s) Credit Suisse Investment Banking
Goldman Sachs (Financial)
Paul, Weiss, Rifkind, Wharton & Garrison (Legal)

Target

Diamond Resorts

Las Vegas, Nevada, United States
website
Diamond Resorts is a provider of hospitality and management services. The company operates in two segments, Hospitality and Management Services, and Vacation Interest Sales and Financing. Diamond Resorts with its network of more than 420 vacation destinations located in 35 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America, Europe, Asia, Australasia, and Africa, provides guests with choice and flexibility to let them create their dream vacation, whether they are traveling an hour away or around the world. Our relaxing vacations have the power to give guests an increased sense of happiness and satisfaction in their lives, while feeling healthier and more fulfilled in their relationships, by enjoying memorable and meaningful experiences that let them Stay Vacationed. Diamond Resorts was founded in 1996 and is based in Las Vegas, Nevada.

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Buyer(S) 1

Buyer

Hilton Grand Vacations

Orlando, Florida, United States

website

Category Company
Founded 1992
Sector Leisure
Employees13,000
Revenue 3.8B USD (2022)
DESCRIPTION

Hilton Grand Vacations develops, markets, and operates a system of brand-name, vacation ownership resorts in select vacation destinations. Hilton Grand Vacations also manages and operates two innovative club membership programs: Hilton Grand Vacations Club and The Hilton Club, providing exclusive exchange, leisure travel, and reservation services for more than 325,000 club members. Hilton Grand Vacations was founded in 1992 and is based in Orlando, Florida.

DEAL STATS #
Overall 1 of 1
Sector (Leisure) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Nevada) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 2

SELLER

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.

DEAL STATS #
Overall 49 of 65
Sector (Leisure) 3 of 3
Type (Add-on Acquisition) 14 of 19
State (Nevada) 2 of 2
Country (United States) 37 of 49
Year (2021) 1 of 8
Size (of disclosed) 9 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-03 Michaels

Irving, Texas, United States

Michaels is a retailer of arts, crafts, framing, home decor and seasonal products for hobbyists and DIY decorators. Michaels was formed in 1983 and is based in Irving, Texas.

Buy $5.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-17 Sun Country Airlines

Minneapolis, Minnesota, United States

Sun Country Airlines is a fully independent airline, flies passengers to leisure destinations across the U.S. and internationally and specializes in flying from cold weather locales to warm-weather destinations. Sun Country Airlines was founded in 1983 and is based in Minneapolis, Minnesota.

Sell -
SELLER

Reverence Capital Partners

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2013
Size Small
Type Sector Focused
DESCRIPTION

Reverence Capital Partners is a specialist private investment firm focused on investing in global, middle-market financial services businesses. Specific areas of interest include insurance, asset/wealth management, depositories, finance, financial technology/payments, and capital markets. The Firm targets control and influence-oriented minority investments and typically collaborates with management to drive long-term success. Reverence Capital Partners was formed in 2013 and is based in New York City.

DEAL STATS #
Overall 2 of 2
Sector (Leisure) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Nevada) 1 of 1
Country (United States) 2 of 2
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-23 Wells Fargo Asset Management

San Francisco, California, United States

Wells Fargo Asset Management (WFAM) is an asset management firm with more than $600 billion in assets under management and investment capabilities across diverse asset classes.

Buy $2.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-05 Ministry Brands

Lenoir City, Tennessee, United States

Ministry Brands is a provider of SaaS platforms for churches, parachurch ministries and other faith-based organizations in the United States and Canada. The company seeks to equip the 21stcentury church with technology that empowers pastors, church executives, technology professionals, and administrators to proactively carry out their Biblical mission with excellence, reverence, and efficiency. Its suite of solutions includes church management, giving, accounting, mobile applications, website development, background checks, content, streaming, and messaging. Ministry Brands was formed in 2012 and is based in Lenoir City, Tennessee.

Buy -
Mergr

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