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  • 21.19%
    Share capital 30/09/2018
  • 197 EUR M
    Value of the stake 30/09/2018
  • 21.19%
    Voting rights 30/09/2018
  • 2
    Number of representatives in statutory bodies 30/09/2018
Investment Year 2017 Investment history

Since its inception in 1967 as a small-sized Spanish operator, Parques Reunidos has become one of the leading operators of leisure parks in Europe and the US, through organic growth and multiple acquisitions, including Bobbejaanland (Belgium, 2004), Mirabilandia (Italy, 2006), Warner (Spain, 2007) and Palace Entertainment (US, 2007).

The company operates amusement, animal and water parks with a portfolio of regional and local parks, which have strong local brands.

Performance in 2017

Parques Reunidos' performance in FY17 (ended on 30 September 2017) has been negatively affected by (i) adverse weather conditions particularly in Central Europe and the USA, (ii) the anticipated recovery of the Marineland park which is requiring more time than expected and (iii) the negative impact of Hurricanes Irma and Harvey. These adverse events significantly offset the strong underlying performance achieved in Spain and during the low season.

As a result, the group reached revenues and EBITDA in FY17 of EUR 579 million and EUR 174 million, respectively, down by 0.8% and 7.5% compared to prior year. The group has still been able to generate positive free cash flow and proposed to distribute EUR 20 million of dividends, in line with FY16, and corresponding to a payout of 39% based on proforma net income.

In addition, Parques Reunidos announced a number of initiatives in FY17, including:

  • Opening of theme parks in Dubaï and Vietnam which will be managed by Parques Reunidos;
  • Development of an indoor entertainment center “Lionsgate Entertainment City” in Times Square, New York;
  • Partnership signed with Discovery Communications to develop entertainment centers;
  • Development of Ducati World park at Mirabilandia, Italy;
  • Opening of the first Nickelodeon-branded indoor entertainment center in Murcia, Spain.

Finally, the Board appointed 3 new directors in 2017, including:

  • Colin Hall (GBL representative);
  • Javier Fernandez Alonso (Corporacion Alba representative);
  • Ana Bolado (Independent).

Investment case

The local and regional leisure park market benefits from structural factors, including:

  • Appeal of experience
  • “Staycation” (1) effect providing resilience during downturn
  • High industry fragmentation with consolidation potential

Parques Reunidos is uniquely positioned:

  • Portfolio of over 60 parks with well-known brands
  • Multiple avenues of organic and external growth
  • Ability to transfer best practices to newly-acquired parks


Board of Directors (2/9*) Nomination and Remuneration Committee (1/4*)
Member Member
* Number of GBL's representatives in statutory bodies in relation to the total number of members. Governance information is dated 31/12/2017, except where superseded by more recent public disclosures.