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Apollo: Great Wolf Will Continue After Takeover

MADISON, WI-Both the local public company and the buyer, New York City-based Apollo, said Tuesday that the $703M purchase won’t close the 11 operating parks.

By Robert Carr | Updated on March 14, 2012

MADISON, WI-Great Wolf Resorts Inc., based here, has said in a statement that the sale of the company announced Tuesday will not alter operations at the firm’s 11 locations. New York City-based Apollo Global Management LLC said it will pay $703 million for the resort company, including the assumption of outstanding debt, after Great Wolf’s stock languished for three years following the recession.

Apollo said it will pay $5 per share for Great Wolf, which started in 1997 and as of 2004 was trading at more than $20 per share. The stock price dropped in half in 2005, when losses were reported steadily per quarter, and dropped to almost nothing at the market crash in late 2008. The price had climbed back up to just under $5 per share before Tuesday’s announcement.

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