The Italian Investindustrial buys the remaining 50% of PortAventura, owned by Criteria Caixa Holding
The Catalan theme park PortAventura, located on the Costa Daurada, between Tarragona and Salou, will be completely controlled by Investindustrial, a fund run by the Bonomi family. Portaventura is the only profitable theme park in Spain and one of only a few in Europe. Investindustrial is buying the remaining 50% of the park for €105 million. Furthermore, they have announced a future investment of €80 million to foster the park’s international expansion. PortAventura is located next to the land where the €6 billion mega-resort Barcelona World will be built. The Italian group has a consolidated trajectory of investing large amounts of capital in businesses from a wide range of sectors to ensure growth.
Salou (ACN).- Investindustrial has agreed with Criteria Caixa Holding on the purchase of the remaining 50% of PortAventura capital, which it joined in December 2009. The Italian group, run by the Bonomi family, will pay Criteria Caixa Holding \u20AC105 million and will completely control the Catalan amusement park, located on the Costa Daurada, between Tarragona and Salou. In fact, it will own the theme park, as well as the adjacent water park, hotels and convention centre. It will also oversee the resort\u2019s management. From this perspective, on Monday Investindustrial announced an additional investment of \u20AC80 million in order to foster the park\u2019s international projection. PortAventura is the only profitable theme park in Spain and one of only a few in Europe. In addition, it is located next to the land where the \u20AC6 billion mega-resort Barcelona World will be built, which could be opening its doors as early as 2016. Investindustrial has experience in amusement parks, as it owns and manages Gardaland, Italy\u2019s largest theme park, located on Lake Garda, near Verona. In addition, the Italian group has a consolidated trajectory of investing large amounts of capital in businesses from a wide range of sectors to ensure growth during a medium- to long-term ownership. For instance, it has invested in the motorbike company Ducati, the engineering enterprise Applus, and the paramedic company TSC \u2013 which provides ambulances to the Catalan Medical Emergencies Public Service.
The operation includes the theme park PortAventura, the water park Caribe Aquatic Park, the four hotels next to the resort (Port Aventura, Caribe Resort, Gold River and El Paso) and the convention centre. However, Criteria Caixa Holding will continue to own 100% of the assets such as the land surrounding PortAventura, where the mega-resort Barcelona World will be built. Furthermore, Criteria Caixa Holding will continue to own the nearby golf courses and the Beach Club, a stylish venue with swimming pools by the sea to host private events. In fact, both Barcelona World and PorAventura are located next to the sea, which is one of its tourist magnets.
Criteria Caixa Holding is the industrial holding owned by the Catalan savings bank La Caixa, which lead Spain\u2019s banking sector restructuring process. In fact, La Caixa has become the main pillar of Spain\u2019s banking sector, as it owns the country\u2019s largest bank, CaixaBank, based in Barcelona. Both CaixaBank and La Caixa have passed all the stress tests, revealing large solvency rates.
Sources from Investindustrial have praised Criteria Caixa Holding\u2019s role as partner. In addition, they have announced an 80-million investment plan \u201Cto foster to a greater extent PortAventura\u2019s growth at international level\u201D. In fact, 40% of the park\u2019s clients are foreign tourists. \u201CThis operation shows that, despite a very unstable and volatile economic environment, there is the investment capacity for attractive projects such as PortAventura\u201D, they stated.
According to Criteria Caixa Holding, the entrance of an industrial investor should enable the fostering of the park\u2019s growth, through the funding of new attractions and hotels. Criteria Caixa Holding recognised Investindustrial as a \u201Cstrong partner\u201D, which should ensure PortAventura\u2019s growth to become the clear \u201Cleader\u201D in Spain. \u201CWith this operation, the continuity and growth of PortAventura\u2019s project are guaranteed, which would benefit the park\u2019s clients, employees and the area\u201D where the park is located, stated sources from Criteria Caixa Holding.