Candover seeks Parques partners; eyes Ferretti float

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Candover is said to be looking for new financial partners to invest in Parques Reunidos in order to pursue the company's growth.

According to reports, this partial exit does not signal full exit from the company's capital. Candover acquired the company a little over a year ago and since then Parques Reunidos has acquired seven parks in Europe. The company also established a presence in the US with the acquisition of leisure park operator Palace Entertainment for EUR245m. It is believed that Parques Reunidos will complete the acquisition of Kennywood Parks in the months to come.

It is also understood that Candover and Permira could be ready to list Italian luxury yacht company Ferretti on the Milan stock exchange later this year; a task for which they would have contacted Merrill Lynch and Mediobanca.

Ferretti has experienced high demand for its yachts in recent years, with profits soaring to EUR158m on a turnover of EUR933m in the year ending 31 August 2007. There is speculation that the listing could value Ferretti at up to EUR3bn ($4.75bn).

In 2000, Permira listed Ferretti on the Milan exchange, re-acquiring it in 2002 before selling down its stake to a 9.5% shareholding in 2006, when Candover bought a 60% stake in a deal that valued the company at EUR1.7bn ($2.69bn).