sentences:  In December 1998, Nick Varney, Andrew Carter and the senior management team of Vardon Attractions (Vardon plc) completed a management buyout of the company to form Merlin Entertainments Group Ltd. with the backing of the private equity firm Apax Partners.Apax sold the company to another financial investor, Hermes Private Equity, in 2004.In May 2005, the company was acquired from Hermes by a division of The Blackstone Group  which later started a major expansion.