Dreams Resorts & Spas falls under the Apple Leisure umbrella. Photo: Nan Palmero
Apple Leisure Group announced Tuesday it reached a deal with financial firms KKR and an affiliate of KSL Capital Partners to be bought for an undisclosed amount.
Earlier this year, ALG owner Bain Capital Private Equity hired an investment bank to explore a sale of the company, receiving interest from Chinese conglomerates Fosun Group and HNA Group Co Ltd.
Philadelphia-based Apple Leisure—the leading seller of all-inclusive vacation packages in North America—is the parent company of AMResorts, AmStar, Apple Vacations, Travel Impressions and CheapCaribbean.com.
Apple Leisure referred all questions to Bain Capital, but spokesperson Charlyn Lusk declined comment when reached by TMR.
“We have spent several years searching for the right opportunity in the Caribbean,” said Richard Weissmann, a partner at KSL, in a statement. “With a devoted customer base and thousands of loyal members, we believe Apple Leisure Group has tremendous potential for future growth.”
KSL Capital Partners is a private equity firm with investments in travel and leisure businesses, including hotels and resorts, clubs, fitness, ski and resort real estate. In 2015 closed a "travel and leisure focused private equity fund, KSL Capital Partners IV, with total commitments of $2.68 billion." KKR, meanwhile, is a huge financial powerhouse and bailout firm, owner of companies like First Data, the credit card processing company. The company is worth approximately $71 billion.
The transaction is expected to close in the first quarter of 2017.
HOPEFULLY the new owners will be more travel agent friendly instead of marketing and dealing directly to the public. Have only used parts of ALG, AMResorts, and avoided Travel Impressions like the plague! CheapCaribbean is direct to consumer only. Apple Vac could use some customer service training. Best of luck with the new ownership. Get reacquainted with retail travel agents distribution system.