Providence Equity Partners is exploring a sale of the Professional Association of Diving Instructors that could value the company at about $1 billion, people familiar with the matter said.
The private equity firm is working with Deutsche Bank AG to find buyers for the Rancho Santa Margarita, California-based organization, said the people, who asked not to be identified because they weren’t authorized to speak publicly. A sale process is planned for the first quarter of 2017, the people said.
Providence, which bought a majority stake in PADI from private equity firm Lincolnshire Management in 2015, has focused on expanding the company in Asia, including in Indonesia and Malaysia, one of the people said. Asian buyout firms may be among interested bidders for the company, the people said.
More info: bloomberg.com/news/articles/2016-11-15/providenc...diving-courses-group