| 24 Mar 2005 |
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Dubai International Capital to build Tussauds Group
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DubaiThursday, March 24, 2005
Dubai International Capital will seek to actively build further the global brand of its latest acquisition, The Tussauds Group.
Dubai International Capital is being advised by HSBC Bank plc on the Dh5 billion deal. Charterhouse Capital Partners is being advised by Lazard & Co Ltd.
"We are delighted to be announcing our first major private equity investment and very excited by the prospect of working with the Tussauds management team with whom we have built a close relationship," said Sameer Al Ansari, CEO of Dubai International Capital.
Investment strategy
"We believe we can assist Tussauds to further build its global brand in line with our investment strategy of identifying assets where we can contribute to strong future growth."
This is the second major transaction by Dubai International Capital in the last three months, and follows a $1 billion (Dh3.68 billion) investment in DaimlerChrysler.
Closing of the Tussauds deal is subject, inter alia, to regulatory approval.
"Tussauds has been transformed over the past four years to become Europe's number one visitor attraction business," said Peter Phillipson, chief executive.
"We look forward to working closely with Dubai International Capital to accelerate our growth plans, explore new opportunities and create even more exciting experiences for our 14 million guests."
"I look forward to seeing the partnership with Dubai International Capital develop successfully and am delighted to accept the offer to continue as chairman."
Malcolm Offord, partner of Charterhouse, said: "On behalf of Charterhouse, I wish the management team at Tussauds continued success in the future as they expand the business even further in partnership with Dubai International Capital."
Factfile
Tussauds entertains more than 14m tourists
- Since its acquisition by Charterhouse Capital Partners in 1998, The Tussauds Group has expanded substantially, opening new city centre attractions in New York, Las Vegas and Hong Kong and acquiring Heide Park, a leading theme park in northern Germany, and opening Splash Landings, Europe's first indoor waterpark hotel, at Alton Towers
- Tussauds is Europe's leading visitor attraction business, entertaining more than 14 million guests per year. The group operates city centre attractions comprising the top attraction in Europe the Madame Tussauds in London, New York, Las Vegas, Amsterdam and Hong Kong, as well as Warwick Castle.
- It also operates theme parks at Alton Towers, Chessington World of Adventures, Thorpe Park and Heide Park in Germany. It also holds a one-third shareholding and operates The British Airways London Eye.
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