KSL Capital Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, KSL Capital Partners has acquired 3 companies. It has also invested in 4 others.

KSL Capital Partners’ most common sectors for investment areleisure (92%) and consumer services (5%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (46%) and growth capital (17%). In total, KSL Capital Partners has invested in 9 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2017 when it acquired Intrawest Resorts Holdings for $1.5B.

In the last 3 years, KSL Capital Partners has exited 1 company. The Firm’s most common exit type is trade sale (85%). KSL Capital Partners’ largest (disclosed) exit occurred in 2021 when it sold Apple Leisure Group for $2.7B.

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M&A Summary

  • M&A Total Activity37
    • M&A Buy Activity24
    • M&A Sell Activity13
  • Total Sectors Invested 3
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 8
  • M&A Advisors 5

KSL Capital Partners LLC

100 St. Paul St., Suite 800,
Denver, Colorado 80206
United States
(720) 284-6400
www.kslcapital.com
prospects@kslcapital.com

KSL Capital Partners LLC is a specialist private equity firm that makes investments in travel and leisure businesses. Areas of interest include hospitality, recreation, clubs, real estate and travel services. KSL is a hands-on investor, with a strong interest in pursuing under-managed or under-capitalized businesses where the firm can unlock hidden value. KSL Capital Partners is the successor investment vehicle to KSL Recreation Corporation, a former portfolio company of KKR. KSL Capital Partners LLC was founded in 2005 and is based at Denver, Colorado with additional offices in New York, New York and London, United Kingdom.


Investment Criteria

Sectors of Interest: Consumer Products, Consumer Services, Leisure

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Special Situations/Distressed

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 25 400
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.6/yr) # 16 1 2 4 1 - 24
vol $130M $1.5B $1.6B
Sell (0.4/yr) # 11 1 - - - 1 13
vol $278M $215M $2.7B $3.2B
  37

Most Recent M&A

Company Date Value Type
Apple Leisure Group 2021-08-15 2.7B USD Add-on Acquisition
Newtown Square, Pennsylvania · www.appleleisuregroup.com
Heritage Golf Group, Inc. 2020-02-10 - Secondary Buyout
Carlsbad, California · www.heritagegolfgroup.com
Soneva 2019-11-22 - Growth Capital
Bangkok, Thailand · www.soneva.com
Grand Hotel 2019-09-10 - Buyout (LBO, MBO, MBI)
Mackinac Island, Michigan · www.grandhotel.com
Les Hôtels d’en Haut 2019-08-06 - Divestiture
Challes-les-Eaux, France · www.leshotelsdenhaut.com
Orange Lake Country Club, Inc. 2019-04-02 - Growth Capital
Kissimmee, Florida · www.orangelake.com
Under Canvas, Inc. 2018-12-21 - Growth Capital
Belgrade, Montana · www.undercanvas.com
Baillie Lodges 2018-12-19 - Growth Capital
Avalon, Australia · www.baillielodges.com.au
Intrawest Resorts Holdings, Inc. 2017-04-10 1.5B USD Going Private
Denver, Colorado · www.intrawest.com
Miraval Arizona Resort & Spa 2017-01-18 215M USD Add-on Acquisition
Tucson, Arizona · www.miravalresorts.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
WellBiz Brands, Inc. 2015-06-30 Drybar Holdings LLC - 141 Drybar shops 2021-02-11 3
Highlands Ranch, Colorado · www.thewellnessleader.com Irvine, California

M&A by Sector

Sector Current # Value All-time # Value
Leisure 11 (85%) 1.5B (100%) 22 (92%) 1.6B (100%)
Consumer Services 1 (8%) - 1 (4%) -
Restaurants 1 (8%) - 1 (4%) -
Total 13 $1.5B 24 $1.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 8 (62%) 1.5B (100%) 17 (71%) 1.6B (100%)
  California 3 (23%) - 6 (25%) -
  Colorado 2 (15%) 1.5B (100%) 2 (8%) 1.5B (92%)
  Florida 1 (8%) - 2 (8%) 130M (8%)
  Arizona - - 2 (8%) -
  Montana 1 (8%) - 1 (4%) -
  Michigan 1 (8%) - 1 (4%) -
  Texas - - 1 (4%) -
  Pennsylvania - - 1 (4%) -
  North Carolina - - 1 (4%) -
United Kingdom 2 (15%) - 3 (13%) -
Australia 1 (8%) - 2 (8%) -
France 1 (8%) - 1 (4%) -
Thailand 1 (8%) - 1 (4%) -
Domestic 8 (62%) 1.5B (100%) 17 (71%) 1.6B (100%)
Cross-border 5 (38%) - 7 (29%) -
Total 13 $1.5B 24 $1.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (31%) - 11 (46%) -
Growth Capital 4 (31%) - 4 (17%) -
Secondary Buyout 2 (15%) - 4 (17%) -
Divestiture 2 (15%) - 3 (13%) 130M (8%)
Going Private 1 (8%) 1.5B (100%) 1 (4%) 1.5B (92%)
Joint Venture - - 1 (4%) -
Total 13 $1.5B 24 $1.6B

Exits by Deal Type

Type Total # Value
Trade Sale 8 (62%) -
Trade Sale - Public Company 3 (23%) 3.2B (100%)
IPO 1 (8%) -
Secondary Sale 1 (8%) -
Total 13 $3.2B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
1
J.P. Morgan Securities LLC
1
Legal Deals
Dentons
2
Simpson Thacher & Bartlett LLP
2
Ashurst LLP
1

Deal Values

buy # Total
> $1B 1 $1.5B
$100M to $1B 1 $130M
TOTAL $1.6B
Largest Intrawest Resorts Holdings, Inc.
$1.5B (2017-04-10)
sell # Total
> $1B 1 $2.7B
$100M to $1B 2 $493M
TOTAL $3.2B
Largest Apple Leisure Group
$2.7B (2021-08-15)

M&A Connections

Deals
Acquired from
Investor(s)
17%
4 (17%)
Strategic(s)
13%
3 (13%)
Exited to
Investor(s)
8%
1 (8%)
Strategic(s)
85%
11 (85%)

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