PADI CEO Releases Statement on New Owners
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The Professional Association of Dive Instructors (PADI) was sold in March this year to a private consortium known only as 'Mandarinfish Holdings' for the price of $700m. Since then, no information regarding the identity of the new owners has been released, other than that they are a 'concerned group of philanthropists.'
On 16 May, PADI CEO Drew Richardson released the following statement:
PADI announces an exciting change of ownership to a consortium of conservation-minded family investors. This conglomerate of family wealth investors, based in North America, are run similar to foundations and endowments, who invest long-term in cause-oriented premium brands with dominant market share positions that show steady and consistent growth.
As president and chief executive officer, I am committed to leading the organization into its next 50 years, as is the entire PADI executive team. Together, we will continue to grow the PADI brand and through our stewardship efforts ensure PADI is not only the best in the world, but also best for the world.
This is a positive transition for the organization as the family wealth investors will hold and nurture PADI for many years. This group is closely aligned with PADI’s mission and supports PADI’s efforts to remain stewards for this amazing brand we all love. The new ownership group includes philanthropists drawn to PADI’s commitment to ocean conservation and preservation. And, most importantly, they respect the organization’s dedication to PADI Member support.
PADI remains focused on the following global priorities:best-in-class support to ensure PADI Member prosperity and growth new diver acquisition initiatives to attract millions of consumers to the sport and train them to be comfortable and confident divers long-term diver engagement and retention through encouraging divers to explore and seek adventure in the underwater world a deeper purpose vision to inspire all divers to ultimately pay it forward through ocean conservation, marine animal protection, community support, and the healing powers of scuba.
This transition marks the next evolution of the PADI organization and is a positive move for PADI Members and the entire dive industry. As my personal friends, I can confidently say that PADI Founders, John Cronin and Ralph Erickson, would be extremely proud of this next step for the PADI organization and heartened to see that it has transformed into a global force for good for scuba diving and the ocean planet.
I thank you for taking the time to read this message. To all PADI Members, I want to reinforce my personal appreciation of your role and contributions to dive training excellence and aquatic conservation advocacy. You are the heart of the organization and the entire PADI staff remain focused on delivering the best service and support to help you succeed. Together, we are – and will continue to be – the way the world learns to dive. Be best. Be PADI.
Best personal regards,
President & CEO
Other than informing us that Mandarinfish Holdings are 'based in North America,' the statement gives no further details as to the identity of the new owners, and requests for further information have not, as yet, shed any light on the situation.