PADI, the world’s largest diver certification agency, has been sold to a group of wealthy families and investors for $700m USD according to the Wall Street Journal.
PADI was bought in 2015 by private equity firm Providence Equity from another private-equity firm Lincolnshire Management. Since then Providence has helped PADI expand in China and upgrade its e-commerce system.
According to Dow Jones the longer term future of PADI under new ownership might look brighter:
“PADI’s new ownership reflects a shift in the investing landscape. Its buyers included so-called family offices, which manage the fortunes of the wealthy. These organizations have long invested with private-equity funds, but they’re increasingly cutting out the money managers and doing their own private-equity-style deals. By doing so, investors avoid paying private-equity firms fees for managing buyouts and have greater flexibility to hold businesses for many years.”