Apple Leisure Group announced Tuesday that it will be acquired by KKR and KSL Capital Partners, which have reached a definitive agreement with the group's parent Bain Capital Private Equity.
Terms of the transaction weren't disclosed but the deal is expected to close in the first quarter of 2017 assuming it clears all customary regulatory hurdles.
The impending acquisition is noteworthy in that the Philadelphia-based travel and hospitality conglomerate is the leading seller of all-incusive vacation packages in all of North America.
The group's notable subsidiaries include hotel and brand management company AMResorts, destination management company Amstar and travel distribution brands Apple Vacations and Travel Impressions, among others.
"We are pleased to be partnering with KKR and KSL for our next phase of growth," Apple Leisure Group CEO Alex Zozaya said in a statement. "They share our commitment to the vision of Apple Leisure Group as we continue to deliver great results to travelers, guests and hotel owners. We are extremely appreciative of Bain Capital Private Equity's partnership and support in executing our growth mission and helping us strengthen our leadership position over the past four years."
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"We have spent several years searching for the right opportunity in the Caribbean, and could not be more pleased to partner with Apple Leisure Group and its talented management team and employees," added KSL partner Richard Weissmann in his own statement.
"With a devoted customer base and thousands of loyal members, we believe Apple Leisure Group has tremendous potential for future growth."
KKR Members Paul Raether and Tagar Olson lauded Apple Leisure Group's management team and expressed pleasure in being part of the group's next stage of growth.
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