News
PADI Sold for More Than $700 Million
By Ian Bongso-Seldrup, March 23, 2017 @ 02:00 AM (EST)
Source: Dow Jones
Source: Dow Jones
A group of wealthy families and endowments has agreed to buy scuba certifier PADI from Providence Equity Partners LLC for more than $700 million. People familiar with the deal commented that the new owners were interested as much in PADI’s marine conservation efforts as the business side. The company set up to purchase PADI is appropriately named Mandarinfish Holding.
PADI was founded in 1966 by scuba gear salesman John Cronin and dive instructor Ralph Erickson. Based in Orange County, California, the organization is now the planet’s largest diving membership and training organization, and the number of certifications it has issued has passed the 25 million mark.
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