KSL Capital Partners Mergers and Acquisitions Summary

Private Equity Profile

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

KSL Capital Partners’ most common sectors for investment are leisure (92%) and consumer services (5%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (48%) and secondary buyout (18%). 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 (84%). KSL Capital Partners’ largest (disclosed) exit occurred in 2015 when it sold The Royal Palm for $278M.

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M&A Summary

  • M&A Total Activity35
    • M&A Buy Activity23
    • M&A Sell Activity12
  • Total Sectors Invested 3
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 8
  • M&A Advisors 4

KSL Capital Partners LLC

100 Fillmore Street, Suite 600,
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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.6/yr) # 15 1 1 1 4 1 23
vol $130M $1.5B $1.6B
Sell (0.2/yr) # 11 - 1 - - - 12
vol $278M $215M $493M
  35

Most Recent M&A

Company Date Value Type
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
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
Apple Leisure Group (AMResorts) 2016-12-13 - Secondary Buyout
Newtown Square, Pennsylvania · www.amresorts.com
WellBiz Brands, Inc. 2015-06-30 - Secondary Buyout
Highlands Ranch, Colorado · www.thewellnessleader.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
WellBiz Brands, Inc. 2015-06-30 Amazing Lash Studio Franchise LLC 2018-09-13 1
Highlands Ranch, Colorado · www.thewellnessleader.com Scottsdale, Arizona · www.amazinglashstudio.com

M&A by Sector

Sector Current # Value All-time # Value
Leisure 11 (85%) 1.5B (100%) 21 (91%) 1.6B (100%)
Consumer Services 1 (8%) - 1 (4%) -
Restaurants 1 (8%) - 1 (4%) -
Total 13 $1.5B 23 $1.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (69%) 1.5B (100%) 17 (74%) 1.6B (100%)
  California 3 (23%) - 6 (26%) -
  Colorado 2 (15%) 1.5B (100%) 2 (9%) 1.5B (92%)
  Florida 1 (8%) - 2 (9%) 130M (8%)
  Arizona - - 2 (9%) -
  Pennsylvania 1 (8%) - 1 (4%) -
  Montana 1 (8%) - 1 (4%) -
  Michigan 1 (8%) - 1 (4%) -
  Texas - - 1 (4%) -
  North Carolina - - 1 (4%) -
United Kingdom 2 (15%) - 3 (13%) -
France 1 (8%) - 1 (4%) -
Thailand 1 (8%) - 1 (4%) -
Australia - - 1 (4%) -
Domestic 9 (69%) 1.5B (100%) 17 (74%) 1.6B (100%)
Cross-border 4 (31%) - 6 (26%) -
Total 13 $1.5B 23 $1.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (31%) - 11 (48%) -
Secondary Buyout 3 (23%) - 4 (17%) -
Divestiture 2 (15%) - 3 (13%) 130M (8%)
Growth Capital 3 (23%) - 3 (13%) -
Going Private 1 (8%) 1.5B (100%) 1 (4%) 1.5B (92%)
Joint Venture - - 1 (4%) -
Total 13 $1.5B 23 $1.6B

Exits by Deal Type

Type Total # Value
Trade Sale 8 (67%) -
Trade Sale - Public Company 2 (17%) 493M (100%)
IPO 1 (8%) -
Secondary Sale 1 (8%) -
Total 12 $493M

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

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
$100M to $1B 2 $493M
TOTAL $493M
Largest The Royal Palm
$278M (2015-03-09)

M&A Connections

Deals %
Acquired from
PE Firm(s)
63%
5 63%
Strategic(s)
38%
3 38%
Exited to
PE Firm(s)
9%
1 9%
Strategic(s)
91%
10 91%

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