Family adventure parks operator Seven Peaks has acquired the assets of struggling regional online daily-deal provider CityDeals. Seven Peaks was one of the company’s creditors. They have acquired CityDeals’ assets – but not its liabilities – for an undisclosed sum.
As part of the acquisition, Seven Peaks is working with merchants to ensure all deals sold online to date through CityDeals will be honored. Seven Peaks is also working out arrangements to take care of any merchants that have been awaiting payment from CityDeals. Merchants involved with CityDeals are supportive of the transaction.
“Consumers and merchants have loved the value they’ve received from CityDeals over the years,” said Bruce Law, VP of Marketing at Seven Peaks. “Seven Peaks was one of those satisfied merchants. The acquisition of CityDeals by Seven Peaks assures that CityDeals will continue to provide tremendous benefits to consumers and regional business owners and have stamina to deliver those benefits over the long haul.”