PADI Sold For 700 Million Dollar
As we were informing a few months ago, Providence Equity, previous owner of PADI, was seeking in cooperation with Deutsche Bank for investors that would be interested in acquiring the diving organization.
This week has been reported that a chinese consortium called 'Mandarinfish Holding' has bought PADI for 700 million dollar. It has been pointed out that one of the reasons why the consortium was interested in acquiring PADI was because some of the members of Mandarinfish Holding are philanthropists who were drawn to the efforts of PADI promoting marine conservation.
PADI was carrying out a strong campaign in Asia. It was an open secret that the acquiring firm probably belongs to one of the emerging countries of the Asian continent. The market of Scuba Diving Organizations couldn't be more interesting at this moment. SSI is pushing strong on growing in Europe and Asia while PADI is moving to China. We might be at the gates of a new future in the world of diving where not all is just PADI as it was the last decades.