EQT encarga a JPMorgan la venta de Parques Reunidos por más de 1.700 millones

EQT has enlisted the financial expertise of JPMorgan to facilitate the sale of Parques Reunidos, the Spanish amusement park group, for over €1.7 billion, according to multiple market sources. The Swedish risk capital manager is preparing its exit from the Spanish giant, which also includes involvement from Corporación Financiera Alba (25%) and GBL (23%).

The JPMorgan-led financial advisory team is exploring potential buyers, including industrial profile groups such as Merlin Entertainments and Compagnie des Alpes. Parques Reunidos, headquartered in Madrid, is the leading Spanish operator of amusement parks, which began in 1967 around the Parque de Atracciones in Casabella. The company has expanded internationally into theme parks, water parks, zoos, aquariums, and other attractions.

Parques Reunidos currently operates over 30 parks across ten countries, including Spain, Germany, Italy, the Netherlands, Belgium, Norway, and Australia. The business model combines ticket and season pass sales with income from dining, merchandise, additional services, and in some complexes, accommodation. Parques Reunidos reported annual revenues of around €530 million and an EBITDA of over €170 million in the current fiscal year.

The company is majority-owned by EQT since 2019, which acquired a majority stake through a public offer for shares in the Piohl BidCo vehicle, alongside Alba and GBL. After the initial acquisition, EQT holds a 52% stake, while Alba owns 25% and GBL holds 23%. The company's valuation at the time of EQT's entry was €2.085 billion, with the Swedish manager injecting approximately €540 million of capital into Parques Reunidos.

EQT and other shareholders have already realized partial profits from their investments. In 2025, Parques Reunidos generated revenue of €550 million, a 4.7% decrease compared to the comparable period. This decline is attributed to the U.S. sale to Herschend, which accounted for nearly 35% of the group's total revenue. Parques Reunidos has since refinanced its debt on more favorable terms and distributed dividends to shareholders.

In 2025, the company's visitor spend fell by 36%, partially offset by a 11% decrease in operating costs compared to the increase in revenue. Revenue breakdown by country shows Spain at €196 million, Germany at €172 million, Italy at €49 million, the Netherlands at €33 million, Bulgaria at €27 million, and Norway at €26 million. Spain and Germany combined account for about two-thirds of the group's sales.

Parques Reunidos invested €62 million in capital expenditures in 2025, a 22% decrease compared to the previous year.