Wichita-based manufacturer of amusement rides, roller coasters, observation wheels and people movers, Chance Rides, has formed a financial partnership with Missouri-based private equity firm, Permanent Equity.
Owner and outgoing CEO of Chance Rides, Dick Chance, says: “This company has meant everything to me, it’s been my life and my family for so many years. It was my main goal to continue the legacy of Chance Rides long after I’m gone, and for the company to be successful in the future.
“I’ve had the honour of leading the company for close to 40 years and I know Permanent Equity will help the Chance legacy continue far beyond the next 40 years.”
Tim Hanson, chief investment officer at Permanent Equity, adds: “Chance Rides has a fabulous reputation in the amusement industry. Their unwavering commitment to craftsmanship and quality are admirable, resulting in deep bonds built among customers over six decades.
“We’re excited to invest in the continued success of this management team, and to roll up our sleeves alongside them to do more of what they do best – make the world more fun.”
Chance Rides’ president and incoming CEO, Aaron Landrum, adds: “The core values of Permanent Equity harmonise remarkably well with our own, and we envision this long-term relationship as mutually advantageous for our stakeholders. Our diverse customer base can expect uninterrupted service and timely deliveries during this transition.
“This is a thrilling period for Chance Rides as we embark on new and innovative projects, expand into new markets, and actively recruit skilled professionals to join our team.”
“One of the key factors in partnering with Permanent Equity is its proven track record of preserving company legacies and enhancing what’s already working,” says John Chance, VP business development at Chance Rides. “They’re not trying to come in and change everything; they care about our company, employees and customers.”
“It’s been a fun ride, and I’m ready for the next chapter, enjoying some of my hobbies and traveling,” says Dick Chance. “My favourite ride was truly a family-led project; it is the Lightening Run GTX Coaster, at Kentucky Kingdom in Louisville. It was the last project my late son, Michael, and John worked on together.”
Permanent Equity will retain the Chance Rides name, in the form of Chance Rides, LLC, and will remain in Wichita. Chance Rides will maintain its skilled workforce and the current management team.