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PADI CEO Dismisses Rumours of Sale to Montagu

 

 

 

 

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Drew Richardson, CEO of PADI has issued a statement regarding the rumour circulating on social media that PADI's owners might be in discussion with the owners of Aqua Lung

According to a report published last week, a 'top industry executive' alleged that Mandarin Holdings LLC, the business consortium that owns PADI, was in talks with Montagu, the owners of Aqua Lung about a potential sale of the training agency, with an asking price of US$1.2 billion dollars.

Richardson dismisses the rumours as conjecture, stating: 'There are no discussions anywhere at any level to sell or buy PADI. The news on this is that there is no news.'

We contacted the original source of the story,  Darcy Kieran, for a comment on the press release, and he directed us to a post on US scuba discussion website scubaboard.com wherein he writes that 'news is full of official spokespersons denying everything - until it happens.' 

We will, of course, bring any updates to the situation - should there be any - but for now, at least according to PADI, the case is closed. 

The full statement from Drew Richardson:

American author Mark Twain popularized a saying about innuendo, assumptions and conjectured numbers used to prop up slander:

There are three kinds of lies: lies, damned lies and statistics.

Twain’s words certainly apply to a recent internet rumour that PADI is up for sale again. It is not. There are no discussions anywhere at any level to sell or buy PADI. The news on this is that there is no news.

Normally, I ignore PADI hate-mongering and chitchat flitting about in social media. The internet spreads gossip faster and wider than at any time in history, but most of us know propaganda and lies when we see them. Lacking substance to stand on, these typically erode quickly, so there’s no need to let them distract us. But in this case, speculation and perjure masqueraded as news (complete with “secret sources” – bless their hearts) so I’m setting the record straight.

As most in the dive industry knows, in 2017 the PADI organization secured support from a strong international consortium of long-term individual and group North American and European investors. This group does not involve itself in PADI’s day-to-day decisions or operations, but fully supports the PADI family’s missions to lead the dive industry and help shape a positive future for our oceans. We’re blessed with a growing group of exceptional managers and employees in international offices, but final authority and responsibility stops on my desk.

The PADI organization will continue to invest in the right products, people and programs that enable PADI Members to succeed by fulfilling divers’ interests, dreams and desires, and that support the PADI Four Pillars of Change, PADI Foundation and Project AWARE and other initiatives that make the world a better place.

For those interested, here’s some nonfiction (I won’t call it news because it’s been true for quite awhile): PADI Members make PADI the strongest brand in diving, and personally leverage the power of divers as a force for strong, positive change in ocean health, conservation and education in more than 183 countries and territories. Honestly, I’m humbled to serve the PADI membership – a positive, proactive family of individuals, retailers, resort operators and divers around the world who are the real stewards, and hands and feet of PADI’s missions. They exemplify where all of us in the industry really need to be putting our effort.

Sincerely,

Dr Drew Richardson

PADI President & CEO

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