KKR, KSL Capital to Buy Vacation Company Apple Leisure Group
December 13 2016 - 9:20AM
Dow Jones News
Vacation company Apple Leisure group said Tuesday it reached a
deal to be bought by financial firms KKR & Co. and KSL Capital
Partners LLC.
The transaction marks the latest hospitality partnership between
investment firm KKR and KSL, a private-equity firm specializing in
travel. Financial terms of the deal, expected to close in the first
quarter of 2017, weren't disclosed.
Apple Leisure boasts a broad portfolio including
hotel-management services, tour services in Mexico and a Caribbean
online travel agency.
"We have spent several years searching for the right opportunity
in the Caribbean," said Richard Weissmann, a partner at KSL. He
added that Apple Leisure's management team and customer base showed
strong potential for growth.
Also this month, KKR agreed to buy cybersecurity company Optiv
Security and electricity meter provider Calcin Capital. The firm is
also in talks to sell its drug-capsule making business Capsugel in
a deal worth over $5 billion.
Shares of KKR are have risen 12% so far this year. Apple Leisure
and KSL are privately held companies.
(END) Dow Jones Newswires
December 13, 2016 09:05 ET (14:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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