Lake Compounce to be sold in major U.S. amusement park M&A deal
HBJ PHOTO | STEVE LASCHEVER
Lake Compounce in Bristol.
Connecticut's largest theme park is set to have a new owner.
The parent company of Lake Compounce, Parques Reunidos, said Tuesday it will sell all of its Palace Entertainment U.S. properties to Herschend, a Georgia-based operator of theme parks, water parks and other entertainment venues, including Dollywood Theme Park in Tennessee.
Terms of the deal weren’t disclosed.
Herschend said the acquisition fits with its strategic expansion in family entertainment and hospitality, while Parques Reunidos said the deal will allow it to focus on its core European market.
Palace Entertainment has over 20 entertainment venues across 10 U.S. states, including Bristol-based Lake Compounce, which holds the title of America’s first amusement park. Lake Compounce recently announced it will be hiring more than 1,000 seasonal employees for its upcoming season, which begins May 3.
Palace Entertainment also owns Kennywood and Dutch Wonderland, both located in Pennsylvania.
Herschend’s existing U.S. properties include the Kentucky Kingdom Theme Park, Wild Adventures Theme Park in Georgia and Silver Dollar City Theme Park in Missouri. It also owns the Harlem Globetrotters.
The deal is still subject to customary closing conditions. BDT & MSD Partners is acting as Herschend’s exclusive financial and debt advisor, and Goldman Sachs was the exclusive financing provider for the acquisition. Akerman LLP is serving as legal advisor to Herschend on the acquisition, with Kilpatrick Townsend & Stockton LLP providing legal advice for the debt financing.
J.P. Morgan is acting as the exclusive financial advisor for Parques Reunidos Group. A&O Shearman is serving as legal advisor to Parques Reunidos Group on the deal.
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