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MidOcean acquires US-waterpark operator
Private equity firm MidOcean Partners has agreed terms to acquire US-based waterpark and family entertainment centre operator Palace Entertainment from a group of investors led by Windward Capital for an undisclosed sum.
Palace owns and operates 32 parks in eight US states under brands including Wet ‘n Wild, Splish Splash, Big Kahuna’s and Mountasia.
Tyler Zachem, a managing director at MidOcean, said, “Palace Entertainment is a premier property in the attractive family entertainment sector.”
“Combining Palace’s talented management team, dedicated employee base and excellent portfolio of stable, well-regarded assets with MidOcean’s and VisionMaker’s experience in the leisure/entertainment category will allow us to successfully grow the business to the next level.”
Following the transaction, current Palace CEO Larry Cochran – former chair of both Six Flags and the International Association of Amusement Parks and Attractions (IAAPA) – will step down. He will be replaced by John Cora, CEO of VisionMaker, who will become president and CEO.
MidOcean also owns the UK-based health and fitness chain LA Fitness and pub group Spirit. Details: www.midoceanpartners.com
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