Candover to pull out of Parques Reunidos sale

The Madrid-based private equity firm was disappointed by the offers received from fellow buy-out houses, which included Apollo Management and a consortium of Advent International and the Carlyle Group. Providence Equity Partners was also thought to have expressed an interest.

Each contender submitted its offer by Candover's deadline last Friday but none was willing to meet the company's €2bn price tag. An IPO is thought to be an undesirable option due to the current state of the Spanish economy.

The group is now likely to keep Parques, and fund its growth and M&A plans by refinancing the firm's debt.

Senior staff at Candover are meeting this week to discuss the matter and a decision is said to be "imminent".

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• Southern Europe
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• Candover