M&A Deal Summary

CVC Capital Partners and The Blackstone Group Acquire Merlin Entertainments

On May 23, 2005, private equity firms CVC Capital Partners and The Blackstone Group acquired leisure company Merlin Entertainments from Hermes GPE for 103M GBP

Acquisition Highlights
  • This is CVC Capital Partners’ 4th and The Blackstone Group’s 7th transaction in the Leisure sector.
  • This is CVC Capital Partners’ 52nd and The Blackstone Group’s 149th largest (disclosed) transaction.
  • This is CVC Capital Partners’ 29th and The Blackstone Group’s 6th transaction in the United Kingdom.
Investment Fate
  • Merlin Entertainments went public in 2013.

M&A Deal Summary

Date 2005-05-23
Target Merlin Entertainments
Sector Leisure
Buyer(s) CVC Capital Partners
The Blackstone Group
Sellers(s) Hermes GPE
Deal Type Secondary Buyout
Deal Value 103M GBP

Target

Merlin Entertainments

Poole, United Kingdom
website
Merlin Entertainments is an European entertainments company operating in Europe. Merlin runs 124 attractions in 25 countries across four continents. Merlin Entertainments was formed in 1999 and is headquartered in Poole, England.

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Buyer(S) 2

Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 89 of 319
Sector (Leisure) 4 of 8
Type (Secondary Buyout) 6 of 74
Country (United Kingdom) 29 of 59
Year (2005) 4 of 10
Size (of disclosed) 52 of 55
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-01 IG Group Holdings

London, United Kingdom

IG Group Holdings is the United Kingdom's leading provider of speculative investment products to retail and institutional clients around the world. IG Group Holdings was founded in 1974 and is based in London, the United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 Vendor International B.V.

Tilburg, Netherlands

Vendor is a supplier of hygiene solutions. Vendor is a washroom hygiene specialist, with a total service concept for a wide range of business segments, including industry, logistics, leisure and education.

Sell -
Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 82 of 319
Sector (Leisure) 7 of 16
Type (Secondary Buyout) 7 of 72
Country (United Kingdom) 6 of 26
Year (2005) 3 of 11
Size (of disclosed) 149 of 167
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-25 Premcor

Old Greenwich, Connecticut, United States

Premcor, Inc., a independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, petroleum coke and other petroleum products in the United States. Premcor owns and operates refineries in Port Arthur, Texas, Lima, Ohio, Memphis, Tennessee and Delaware City, Delaware with a combined crude oil throughput capacity of approximately 790,000 barrels per day.

Sell $8.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 Kabel Baden-Wurttemberg

Heidelberg, Germany

Kabel BW is the third largest German cable network operator with market leadership in the Baden-Wurttemberg region. Kabel BW was the first large scale operator to introduce digital cable television, broadband internet and telephony services (?triple play?) on one single platform and has since then continued to upgrade its network for triple-play. Today Kabel BW has more than 2.4 million subscribers, making it one of the largest cable operators in Germany and Europe.

Buy $116M

Seller(S) 1

SELLER

Hermes GPE

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 2010
PE ASSETS 8.0B GBP
Size Mega
Type Sector Agnostic
DESCRIPTION

Hermes GPE is a global investor in private equity funds as well as direct co-investor. The Firm manages assets on behalf of institutional investors with a focus on private markets. Hermes GPE is headquartered in London.


DEAL STATS #
Overall 1 of 4
Sector (Leisure) 1 of 2
Type (Secondary Buyout) 1 of 3
Country (United Kingdom) 1 of 3
Year (2005) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-01 The Works

Birmingham, United Kingdom

The Works is a discount retailer with a chain of stores throughout the UK. The Company was formed in 1981 and is headquartered in Birmingham, United Kingdom.

Buy £51M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-06 The Works

Birmingham, United Kingdom

The Works is a discount retailer with a chain of stores throughout the UK. The Company was formed in 1981 and is headquartered in Birmingham, United Kingdom.

Sell £17M