December 11, 2007
West Mifflin, PA - Kennywood Entertainment is calling it a new chapter in their history. The company announced today they entered an agreement to sell its five amusement parks to Madrid, Spain based Parques Reunidos. The Kennywood amusement park holdings include - Kennywood in West Mifflin, PA, Idlewild & SoakZone in Ligonier, PA, Sandcastle Waterpark in West Homestead, PA, Lake Compounce 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.
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.
"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."
The sale is anticipated for March pending the satisfactory completion of due diligence inquiries by both parties.
Kennywood did not disclose the purchase price.
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