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Cerberus Capital Management to Acquire Bushkill Group

May 22, 2017, 07:25 AM
Filed Under: Mergers & Acquisitions

Cerberus Capital Management, L.P. announced that an affiliate of the firm has acquired Bushkill Group, a vacation property ownership company located in Pennsylvania from Resorts Group, Inc. The transaction includes Bushkill's popular Pocono Mountains resort location, The Villas at Tree Tops & Fairway. Terms of the transaction were not disclosed.

Bushkill, which serves a membership base of thousands of families in the Mid-Atlantic region, includes year-round timeshare ownership resorts conveniently located in the Poconos. As part of the transaction, Rick Budd, Senior Operating Executive, Cerberus Operations and Advisory Company LLC, has become President and CEO of Bushkill.

"Cerberus is excited about working with Bushkill to continue to deliver great, family-friendly experiences across its well-known resort portfolio, while investing to grow the existing site with the goal of adding additional locations," said Mr. Budd. "This transaction aligns with Cerberus's real estate strategy, finding undervalued assets with tremendous upside potential. Beyond that, Bushkill, and, in particular, The Villas at Tree Tops & Fairway property, is well known for having exemplary staff with whom we will work to continue to provide diverse, year-round amenities and services to member families and guests."

"We have been fortunate to own and operate Bushkill for the past 11 years and are pleased to be turning this great company over to Cerberus, a firm with a proven track record of success," said Andy Worthington, former President and CEO of Bushkill. "Our property, employees, customer base, and proximity to the New York and Philadelphia markets made Bushkill an attractive opportunity for the Cerberus team who will be investing in its infrastructure and future expansion."

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