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Advent to sell stake in Parques Reunidos to Candover22/01/2007. Source: AltAssets. 
 Advent International has agreed to sell its entire interest in Parques Reunidos, a European operator of attraction parks, to Candover for an undisclosed amount. Shareholders of UK holiday provider Bourne Leisure have agreed to make a substantial minority investment.
Madrid-headquartered Parques Reunidos' operates 22 parks, including amusement parks, animal parks and water parks, across six countries: Spain, Italy, France, Belgium, Norway and Argentina. The Group reported pro forma revenues of €193.5m in 2006, according to a statement. Its current management team will continue to run the business.
Advent International took a majority shareholding in Parques Reunidos in December 2003 through a tender offer. The transaction required an investment of €240m including debt.
Juan Diaz-Laviada, Chief CEO of Advent International, Spain, said, 'Our exit from Parques Reunidos comes at a time when we have achieved the objectives defined at the outset: consolidation of the company's market position in Spain and transformation into a leading European leisure park operator. We are very pleased with the performance to date and, in fact, some targets were met ahead of forecast. We leave the company in an ideal position to continue to expand its business and consolidate its market leadership.'
The acquisition of Parques Reunidos is the second investment to be made by Candover in Spain and the sixth investment from the €3.5bn Candover 2005 Fund which closed in November 2005.
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