TAMPA, Fla. (BRAIN) — Dalian Wanda Group Co., Ltd. , a Chinese private conglomerate, has reached an agreement to buy Ironman for approximately $650 million from Providence Equity Partners.
"Wanda Group's acquisition of Ironman marks another exciting chapter and opportunity for the future growth of Ironman after seven very successful years of ownership by Providence Equity Partners," said Andrew Messick, the CEO of Ironman. "Wanda Group is a global-minded organization that shares our desire for excellence and continued growth, particularly in Asia. We are delighted to be part of the Wanda Group family of companies and are excited about the future of Ironman as we continue to provide life-changing race experiences for athletes of all levels from their first step to the finish line."
Ironman claims to be the largest participation sports platform in the world. Ironman has organized, promoted, and licensed triathlon events for 37 years, and owns five exclusive triathlon brands, operating at least 250 events every year around the world.
Ironman is expected to generate $183 million in revenue in 2015.
Wanda Group also bought Infront Sports & Media this year. The Swiss marketing group holds TV rights to major sporting events including the soccer World Cup.
