The Wall Street Journal on March 21 reported that Providence Equity, which has owned PADI, the world's largest scuba-certifying agency, since 2015 has sold the company for an estimated $700 million USD. This amounts to a more-than-tripled initial investment over those few years.
It is understood that the new owners are a consortium which purchased PADI via a holding company called Mandarinfish Holding. The Wall Street Journal reported that the interested buyers were drawn by PADI's efforts to promote marine conservation, a point one could argue that PADI does not do enough of, but that's another story all together.
There was a report back in November 2016 in Bloomberg that Providence Equity was looking to sell PADI with an estimated valuation of the business at around 1 billion.
The post PADI Sold For $700 million USD appeared first on Scuba Diver Life.
from Scuba Diver Life http://ift.tt/2nWbHJ4
No comments:
Post a Comment