Spanish firm buys Lake Compounce

Harry Henninger, chairman of Kennywood Entertainment. Photo provided.

From the Associated Press:
A family-owned amusement park company based in Pittsburgh says it will be acquired by a Spanish firm.
Kennywood Entertainment says it has entered into an agreement to sell its amusement park holdings to Madrid-based Parques Reunidos.
Lake Compounce is one of the company's parks.

Parques Reunidos says in its most recent press release, about the acquisition this fall of Palace Entertainment in the US, calls itself "the second largest European operator of the leisure sector who runs 28 separate parks across 8 countries."

Here's what it clams as its holdings now:
5 Amusement Parks (Spain, Belgium, Italy and Denmark)
11 Zoo and Nature facilities (Spain, France, United Kingdom, Argentina and USA)
20 Water facilities (Spain, France, Norway, italy and USA)
22 Family entertainment centres (USA)
2 Cable cars (Spain)

The company already owns one water park in New England, "Water Country" in New Hampshire

Here's Kennywood's press release on the deal, issued a couple of hours ago:

New Chapter in Kennywood Entertainment History Announced
PITTSBURGH, December 11, 2007 – Kennywood Entertainment of Pittsburgh announced
today that it has entered into an agreement to sell its amusement park holdings, including
Kennywood in West Mifflin, PA, Idlewild & SoakZone in Ligonier, PA, Sandcastle
Waterpark in West Homestead, PA and New England parks Lake Compounce Theme Park in
Bristol, CT and Story Land in Glen, New Hampshire.
Kennywood Entertainment has been a closely held family business since F.W. Henninger and
Andrew McSwigan purchased Kennywood Park from the Monongahela Railway Company in
1906. The Henninger and McSwigan families, now in fourth and fifth generation, have
remained owners for over 100 years.
Acquiring Kennywood Entertainment is Parques Reunidos, based in Madrid, Spain, an
international operator that manages 61 amusement, animal and water parks in the U.S. and
Europe, with total annual visitors exceeding 22 million and revenues exceeding $570 million.
Parques Reunidos, with the financial backing of the Candover investment fund, a private
equity investor in London, approached Kennywood with a purchase offer as part of their plan
to consolidate family entertainment venues around the globe.
“The Kennywood experience—as visitors have come to love and expect—will continue.
Nothing will seem different, even to the folks working at the parks. Existing management and
staff will remain in place,” said Harry Henninger, Chairman of Kennywood Entertainment.
“In recent years, we've had talks with other operators wishing to acquire us, but Parques
Reunidos is the first one to share our vision and philosophy.”
"We have tremendous respect for the work of the Kennywood management team and are
delighted to acquire such a quality organization,” said Richard Golding, Chief Executive
Officer of Parques Reunidos. “They've built Kennywood Entertainment into an industry
leader in family entertainment. We are anxious to continue the gold standard of entertainment
they have established."
“Richard Golding recognizes and appreciates the deep affection that all of the Kennywood
properties enjoy with their communities,” said Peter J. McAneny, Kennywood Entertainment
President. “They intend to preserve these connections and build upon the history and tradition
existing at each of the parks."
Henninger added, "This has been a very difficult decision for members of the founding
families, now numbering over one hundred and residing all over the country. All of us are
tremendously proud of what we created with Kennywood Entertainment. It has truly been a
magical ride, managing Kennywood, starting Sandcastle, expanding and improving both
Idlewild and Lake Compounce.”
A March completion date is anticipated. The agreement is subject to satisfactory completion
of due diligence inquiries by the parties. The purchase price is not being disclosed.

# # #
About Kennywood Entertainment
Kennywood Entertainment, western Pennsylvania’s largest provider of summer fun, owns and operates the National Historic Landmark, Kennywood, highly regarded as America's finest traditional amusement park; Idlewild & SoakZone, named by Amusement Today as the second best children’s park in the world, and Sandcastle Waterpark and Riverplex (an old-fashioned picnic park) both located on former steel mill property along the Monongahela River; America’s oldest theme park, Lake Compounce, in Bristol, CT and a young child’s very own theme park, Story Land in Glen, NH.

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Copyright 2007. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com