Palace Entertainment sells 15 US properties
There’s a new park group in the USA. Led by former Six Flags and Palace Entertainment executive Al Weber, Apex Parks has been established to acquire 14 family entertainment centres (FECS) and Florida’s Big Kahuna waterpark from Festival Fun Parks/Palace Entertainment – and more acquisitions are likely in future.
The FEC properties, including mini golf courses, go-kart tracks and arcade facilities, include locations operated under the Boomers!, Malibu Grand Prix, Mountasia, and SpeedZone brands. Backing for the deal comes from Broad Sky Partners and The Edgewater Funds.
Weber will serve as CEO of Apex Parks Group in addition to his role as a Broad Sky operating partner. Joining Weber on the executive team are chief financial officer Doug Honey and senior vice-president of parks Gregg Borman, both industry veterans.
“I am thrilled to be associated with this collection of parks and the dedicated employee base,” says Weber. “I am excited about the opportunity to invest in the locations and provide a family-friendly experience. We look forward to aggressively growing Apex, both organically and through acquisitions.”
“We believe our collective experience in the leisure/entertainment category will allow us to successfully take Apex to the next level,” adds Broad Sky Partners CEO and founding partner Tyler Zachem.
The FEC locations are Boomers! Boca Raton (Florida), El Cajon, Fountain Valley, Fresno, Irvine, Livermore, Modesto, San Diego, Santa Maria, and Upland (California); Malibu Grand Prix San Antonio (Texas); Mountasia Houston (Texas) and SpeedZone Dallas and Los Angeles. Big Kahuna’s Water Park in located in Destin, Florida.
“If there are some parks that are not key to our strategic goals, then maybe we will look to sell them” –click here to read an exclusive interview with Yann Caillére, CEO of Palace Entertainment owner Parques Reunidos.
