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PE-backed Apple Leisure Group hires new CEO for potential IPO or sale

Apple Leisure Group, a Pennsylvania-based company that sells vacations and manages resort brands across Mexico and the Caribbean, appointed Alejandro Reynal CEO, succeeding Alejandro Zozaya.

Bloomberg News reported that Apple Leisure, which is backed by private equity firms KKR & Co. and KSL Capital Partners LLC, hired the new CEO to prepare for a potential IPO or a private sale.

Zozaya will serve as full-time executive chairman, with both appointments effective Sept. 3.

Zozaya, who headed Apple Leisure for 20 years, said the company needed someone who could take it to the next stage, "whether that be a sale or an initial public offering," Bloomberg reported.

Apple Leisure plans to build 9,000 rooms in 23 resorts across the Caribbean and Mexico. It is also considering expanding into Europe, Hawaii and Asia, the news outlet noted. In 2018, the company bought Spanish hotel chain Alua Hotels and Resorts.

Reynal joins Apple Leisure from Madrid-based customer service company Atento SA.

KKR and KSL Capital Partners acquired an undisclosed stake in Apple from Bain Capital LP in 2016.