Great Wolf Resorts, operator of the Great Wolf Lodge indoor waterparks/hotel chain in North America, has agreed to a merger with Apollo Global Management.
Apollo, a leading global asset manager, Apollo will acquire Great Wolf for approximately $703 million ($5.00 per share), including the assumption of the company’s outstanding debt. The transaction was unanimously recommended by an independent strategic review committee of the board of directors of Great Wolf and unanimously approved by the board of directors of Great Wolf, who are recommending that Great Wolf stockholders tender their shares in the offer.
A leader in indoor waterparks and family destination resorts, Great Wolf now operates 11 properties in the USA and Canada. The first Great Wolf Lodge resort opened in 1997 in Wisconsin Dells, Wisconsin and each facility typically features between 300 and 600 rooms and a large indoor entertainment area measuring 40,000 to 100,000 square feet. The all-suite properties offer a variety of room configurations, in addition to arcade/game rooms, fitness rooms, themed restaurants, spas, supervised children’s activities – and of course a large undercover waterpark.
“Kim Schaefer, chief executive officer for Great Wolf, and her team, have done a fantastic job building this great company and consistently delivering a special experience to their guests,” notes Scott Ross, partner at Apollo Global Management.
“After a thorough assessment, we concluded that the proposal put forth by Apollo is the best way to maximise value for shareholders, who will receive a substantial and immediate cash premium for their shares,” adds Schaefer. “We are excited about the prospect of working with Apollo as we further capitalise on opportunities to refine and grow our Great Wolf Lodge brand.”