North America's largest family of indoor waterpark resorts, Great Wolf Resorts Inc, has been acquired by an affiliate of Centerbridge Partners, L.P., a leading private investment firm.
"This is an exciting next chapter for Great Wolf Resorts, ” says Kimberly K. Schaefer, the Chief Executive Officer of Great Wolf.
The company operates eleven resorts throughout the U.S. and is currently controlled by funds affiliated with Apollo Global Management, LLC.
“During our partnership with Apollo we saw tremendous growth for our Company, including opening our twelfth Great Wolf Lodge in Fitchburg, Massachusetts and having our thirteenth under construction in Garden Grove, California, “ explains Schaefer. “Now as we join Centerbridge's portfolio, we look forward to continuing to provide families with amazing experiences at each of our lodges."
William D. Rahm, Senior Managing Director of Centerbridge, comments, "Great Wolf is a leading hospitality business and we are excited to support the Company in its next phase of growth. Kim Schaefer and her team have done an exceptional job delivering a uniquely memorable experience to thousands of families every year and we are thrilled to have the chance to partner with them to build on that tradition. We are also fully committed to expanding the Company into new markets so more families can enjoy a Great Wolf vacation."
Great Wolf is already constructing their twelth resort in Garden Grove, California and another Great Wolf Lodge location in Niagara Falls, Ontario.
Aaron J. Stone, a Senior Partner of Apollo Global Management, said they had enjoyed a tremendous partnership with Kim Schaefer, her senior management team, and all 5, 000+ Great Wolf employees. He added: “We look forward to continuing to experience the next phase of the Company's growth as guests of Great Wolf lodges."
The Merger Agreement was unanimously approved by the board of directors of Great Wolf. The transaction is expected to close in the 2nd quarter of 2015, subject to customary closing conditions.