British attractions operator the Tussauds Group has been bought by private equity firm Dubai International Capital (DIC) for £800m ($1.5bn) from Charterhouse Capital.
In the UK, the group’s portfolio includes Madame Tussauds in London and Alton Towers, Thorpe Park and Chessington World of Adventures. It also operates a number of other theme parks and attractions across the world including New York, Las Vegas, Germany, Amsterdam and Hong Kong.
Non-executive chair of Tussauds, Eric Nicoli, said: “Tussauds has become an internationally respected leisure business with a clear growth strategy.”
Mohammed Al Gergawi, chair of DIC, added: “This transaction demonstrates our determination to become a serious investor in the private equity market and draws on our existing management skills in the global leisure sector.”
Tussauds dates back to 1802, when Madame Tussaud first brought her waxwork collection to London. The group was acquired by Charterhouse in 1998 and its sites currently attract over 14m people a year with an approximate annual turnover of £200m.
DIC was launched in October 2004 to invest in Arab and international companies and is owned by the Dubai government. Tussauds is the second major acquisition made by the firm following the group investing £530m ($1bn) for a stake in DaimlerChrysler that was made in January this year. Details: www.tussauds.com
