TAMPA, Fla./BEIJING, China (November 19, 2015) â€“ As announced in August, Dalian Wanda Group Co., Ltd. (â€œWanda Groupâ€), one of the leading Chinese private conglomerates, reached an agreement to acquire IRONMAN from Providence Equity Partners. Today, that transaction is complete and IRONMAN is now fully owned by the Wanda Group.
â€œThe acquisition of IRONMAN by Wanda Group is a momentous step for the future of our brand,â€ said Andrew Messick, Chief Executive Officer for IRONMAN. â€œAs a globally minded company with a mutual desire for excellence and expansion, especially in Asia, Wanda is the ideal partner. I’m privileged to remain at the helm of this extraordinary organization as we embark on this new chapter in our history. Thank you to Providence Equity Partners for seven outstanding years of ownership.â€
The 2015 acquisition of IRONMAN and Infront Sports & Media properties has made Wanda Group one of the world’s largest and most comprehensive sports companies. With these new businesses, Wanda Group now has sports sales, media & marketing, and operational capabilities on six continents with strong positions in North America, Europe, China, South Africa, Australia and New Zealand.
The iconic IRONMANÂ® Series of events is the largest participation sports platform in the world. Since the inception of the IRONMANÂ® brand in 1978, athletes have proven that ANYTHING IS POSSIBLEÂ® by crossing finish lines at the world’s most challenging endurance races. Recognized for excellence through distinguished events, world-class athletes and quality products, IRONMAN has grown from a single race to a global sensation with more than 250 events and five unique brands: IRONMANÂ®, IRONMANÂ® 70.3Â®, 5150â„¢ Triathlon Series, Iron GirlÂ® and IRONKIDSÂ®. For more information, visit www.ironman.com.
About Dalian Wanda Group
Dalian Wanda Group was founded in 1988 and operates in four key business segments: commercial property, entertainment & tourism, e-commerce and financial services. In 2014, the company’s assets totalled at CNY 534.1 billion (USD 86.8 billion) and its annual income reached CYN 242.5 billion (USD 39.4 billion). The company now operates 109 Wanda Plazas, 71 hotels (including 68 five-star hotels), 6,600 cinema screens and 99 department stores nationwide. Looking ahead, by 2020, the company aims to develop into a leading Multinational Corporation (MNC) with total assets of CNY 1 trillion (USD 163 billion), annual revenues of CNY 600 billion (USD 97.5 billion) and net income of CNY 60 billion (USD 9.75 billion).
About Providence Equity Partners
Providence Equity Partners is the world’s leading global private equity firm focused on equity investments in media, communications, education, and information companies. The firm manages funds with over $40 billion in commitments and has invested in more than 140 companies globally since its inception in 1989. Providence is headquartered in Providence, RI and also has offices in New York, London, Hong Kong, Singapore, and New Delhi. Visit www.provequity.com for more information.