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Alabama Adventure Amusement Park Acquired by Adrenaline Family Entertainment, Inc.
Alabama Adventure Amusement Park Acquired by Adrenaline Family Entertainment, Inc.
BESSEMER, Ala., May 15 /PRNewswire/ -- Adrenaline Family Entertainment,
Inc. announced today the acquisition of Alabama Adventure inBessemer,
Alabama. Adrenaline Family Entertainment is a theme park operating company
made up of former seasoned senior Six Flags Inc. executives and majority owned
by Angelo, Gordon & Co., an alternative investment management firm with more
than $18 billion of assets under management. The acquisition is expected to
be completed on May 15, 2008.
Adrenaline Family Entertainment's CEO, Hue Eichelberger, was previously an
Executive Vice President at Six Flags responsible for overseeing that
company's operations in the eastern half ofNorth America. Eichelberger
commented, "The acquisition of Alabama Adventure was based on the quality of
the Park, the impressive turnaround under the seller's ownership, the strength
of the greaterBirmingham market and the potential for significant growth."
Alabama Adventure is the second Park purchased by Adrenaline in the past year
and fits its business model of acquiring and operating high quality
entertainment venues in strong regional markets.
The seller, Southland Entertainment, LLC, acquired the park in 2003 and
has since invested substantial capital, including new rides and attractions.
Southland will now turn its attention and resources to the development of the
adjacent 157 acre parcel for which preliminary development plans include a
hotel/indoor waterpark project, a possible RV park project and other
commercial and retail development. Southland President, Kent Lemasters,
stated, "Our decision to sell the Park was based not only on our desire to
develop the real estate around the park, but it was also important for us to
sell to someone who has the resources and experience to expand the park."
Adrenaline Family Entertainment's resources, operating experience and
capital investment plan are expected to contribute to an improved park
experience. Eichelberger, the Company's CEO, said, "We are committed to
delivering top quality family entertainment to our visitors and are excited to
show the people of the great state ofAlabama what we can do."
Alabama Adventure is currently open weekends and will begin fulltime
operation May 22nd.
SOURCE Adrenaline Family Entertainment, Inc.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
Daily NewsTags: Real Estate, Banking and Finance, , Alabama
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