Deals
Providence Plans $1 Billion Sale of Diving Group PADI
- Buyout firm is said to be work with Deutsche Bank on process
- Providence acquired stake in scuba diving association in 2015
A freediver plays with a stingray.
Photographer: James Morgan/Getty Images/Robert Harding World ImageryThis article is for subscribers only.
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.