SeaWorld IPO May Not Make Second Investment Splash

SeaWorld’s next investment splash might be smaller than its last. Blackstone Group is ready to take public the amusement parks it bought in 2009 from Anheuser-Busch InBev. Dividends have helped the buyout firm recoup a big part of its original cash outlay already and it may end up trebling its money. But new buyers hoping for a similar performance after the initial public offering should beware getting soaked. Blackstone put in about $1 billion of equity to acquire SeaWorld for a headline price of $2.3 billion, according to the IPO prospectus. Since then, the firm led by Stephen Schwarzman has collected some $610 million in special payouts. Now it looks to be in line for even more. Six Flags potentially shows how. The rival owner of 19 parks full of roller coasters and log flumes trades at an enterprise value of just over 11 times estimated EBITDA for 2013, according to Thomson Reuters...