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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.

A freediver plays with a stingray.

Photographer: James Morgan/Getty Images/Robert Harding World Imagery
Updated on

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.