SL Resort Investors, an affiliate of Cerberus Capital Management, completed the sale of Silverleaf Resorts, a vacation ownership company with 13 properties throughout the continental U.S., to Orange Lake Holdings. The transaction closed on May 18, 2015. Cerberus acquired Silverleaf Resorts in May 2011.
“Silverleaf Resorts has delivered significant growth over the past four years,” said Rick Budd, chairman of Silverleaf Resorts and senior operating executive at Cerberus Operations and Advisory Company. “I’d like to thank Silverleaf’s excellent management team, led by CEO Thomas Morris, and the company’s thousands of employees for their hard work and accomplishments over the past four years. With strong support from Cerberus, they have enhanced every aspect of Silverleaf’s business, delivering exemplary vacation experiences to our customers at affordable prices.”
Kevin Genda, senior managing director at Cerberus, added, “We’re pleased to have helped contribute to Silverleaf’s success, and we see Orange Lake as the ideal strategic buyer that will further shape the company’s positive trajectory. We are proud to have worked collaboratively with the company, providing them the financial and operational flexibility needed to expand and upgrade facilities, introduce new attractions such as water parks and make significant investments in technology and services.”
In addition to owning, operating and developing getaway and destination resorts, Silverleaf Resorts services approximately 120,000 timeshare property owners.
Credit Suisse served as financial advisor to Silverleaf and Cerberus. Akin Gump Strauss Hauer & Feld served as outside legal counsel to Silverleaf and Cerberus.