Merlin Entertainments (LEGOLAND/Madame Tussauds)

active

Hospitality / Entertainment — Blackstone / KIRKBI / CPPIB

Deal Terms

Entry Year2019

Entry EV$7.5B

Entry Multiple12x

Leverage5x

Debt Amount$3.75B

Risk Metrics

LTV (est.)50%

Debt / EV0.50x

Notes

Blackstone consortium took Merlin private for $7.5B (2019). LEGOLAND, Madame Tussauds, SEA LIFE, London Eye — 140+ attractions globally. $3.75B debt. COVID devastated attendance. Recovery uneven. PE owns the theme park experience for millions of families worldwide. Ticket prices raised aggressively post-COVID.

Sponsor

Blackstone$1270B AUM