M&A Deal Summary

Cascade Investments and KSL Capital Partners Acquire Four Seasons Hotels

On February 12, 2007, family office Cascade Investments and private equity firm KSL Capital Partners acquired leisure company Four Seasons Hotels for 3.8B USD

Acquisition Highlights
  • This is Cascade Investments’ 1st and KSL Capital Partners’ 2nd transaction in the Leisure sector.
  • This is Cascade Investments’ 2nd and KSL Capital Partners’ largest (disclosed) transaction.
  • This is Cascade Investments’ 1st and KSL Capital Partners’ 1st transaction in Canada.
  • This is Cascade Investments’ 1st and KSL Capital Partners’ 1st transaction in Ontario.

M&A Deal Summary
Date 2007-02-12
Target Four Seasons Hotels
Sector Leisure
Buyer(s) Cascade Investments
KSL Capital Partners
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 3.8B USD

Target

Four Seasons Hotels

Toronto, Ontario, Canada
Four Seasons Hotels is a Canadian international luxury, five-star hotel management company. Four Seasons works in partnership with local real estate development companies and investors. Company was formed in 1960 and is based in Toronto, Ontario.

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Buyer(S) 2

Buyer

Cascade Investments

Kirkland, Washington, United States
Category Family Office
Founded 1995
Size Mega
Type Sector Agnostic
DESCRIPTION

Cascade Investments is the private investment vehicle for Microsoft founder Bill Gates. The Firm invests in public equity, fixed income, alternative assets as well as direct investments. Cascade was formed in 1994 and is based in Kirkland, Washington.

DEAL STATS #
Overall 1 of 2
Sector (Leisure) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 1 of 1
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2007) 1 of 1
Size (of disclosed) 2 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-05 Signature Aviation

London, United Kingdom

Signature Aviation is a provider of global aviation support services focused on flight support services and the aviation aftermarket, primarily in the business and general aviation sector. Signature Aviation was founded in 1879 and is based in London, the United Kingdom.

Buy $4.7B
Buyer

KSL Capital Partners

Denver, Colorado, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 18.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

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.

DEAL STATS #
Overall 2 of 49
Sector (Leisure) 2 of 42
Type (Buyout (LBO, MBO, MBI)) 2 of 20
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2007) 1 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-17 Rancho Las Palmas Resort &

Rancho Mirage, California, United States

Rancho Las Palmas Resort & Spa is nestled in the heart of Rancho Mirage, California at the base of the San Jacinto Mountain Range in the sun-drenched Coachella Valley. Managed on behalf of KSL Capital by KSL Resorts, Rancho Las Palmas includes 444 guest rooms, 27 holes of golf, a 20,000 square foot spa, 3 swimming pools and 41,000 square feet of meeting space.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-07 ClubCorp Holdings

Dallas, Texas, United States

ClubCorp Holdings owns and operates golf, country, business, sports, and alumni clubs. ClubCorp owns or operates a portfolio of over 200 golf and country clubs, business clubs, sports clubs, and alumni clubs in 28 states, the District of Columbia and two foreign countries that serve over 430,000 members, with approximately 20,000 peak-season employees. ClubCorp Holdings was founded in 1957 and is based in Dallas, Texas.

Buy -
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