JEDDAH, 24 March 2005 — Dubai International Capital (DIC), a subsidiary of Dubai Holding, said yesterday it had bought the Tussauds Group, the largest operator of visitor attractions in Europe, from Charterhouse Capital Partners for 800 million pounds ($1.52 billion).
Sameer Al-Ansari, chief executive of DIC, said the firm would retain the Tussauds management team, led by CEO Peter Phillipson.
Since its acquisition by Charterhouse in 1998, Tussauds has expanded substantially.
Tussauds is entertaining over 14 million guests per year. The group operates city center attractions comprising the number one 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. In addition, it holds a one third shareholding and operates the British Airways’ London Eye.
Chief Executive of Dubai Holding Mohammed Al-Gergawi, said: “This transaction demonstrates our determination to become a serious investor in the private equity market and draws on our existing management skills in the global leisure sector.”
Al-Ansari said: “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. We believe we can assist Tussauds further to build its global brand in line with our investment strategy of identifying assets where we can contribute to strong future growth. We look forward to a rewarding and successful partnership.”
Phillipson said: “Tussauds has been transformed over the past four years to become Europe’s number one visitor attraction business. I want to express my gratitude for the continued hard work and enthusiasm of our staff, they are the force behind the growth of the company. We also thank Charterhouse for their steadfast support and commitment over their six years of ownership. “We now 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.”
“Under the leadership of a strong and talented executive management team, Tussauds has become an internationally respected leisure business with a clear growth strategy. I look forward to seeing the partnership with Dubai International Capital develop successfully and am delighted to accept the offer to continue as chairman,” Eric Nicoli, non-executive chairman of Tussauds, said.
Tussauds is the second major acquisition by Dubai International Capital, which was launched in 2004. In January 2005 it bought a $1 billion stake in DaimlerChrysler AG.
