An Italian private equity group is to take full control of PortAventura in Spain, Europe’s third-biggest theme park.
Investindustrial acquired half of PortAventura three years ago and is now to purchase the remaining stake from the industrial holding arm of La Caixa, the Spanish lender.
Investindustrial chairman Andrea Bonomi told the Financial Times the fund will pay “roughly €120 million” for the remaining 50% stake, giving an enterprise value to the entire theme park of €439 million.
PortAventura, located south of Barcelona, comprises a theme park with 39 attractions, a water park, four hotels and a convention centre with capacity for 4,000 people.
It posted earnings before interest, tax, depreciation and amortisation of €59 million last year, a result that Bonomi said would be exceeded in 2012.