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CoasterFanatic The Resident Smart-Ass
Joined: 15 Feb 2005 Total posts: 4495 Location: Weirton, WV Age: 34 Gender: Male |
 Posted: Tue Dec 11, 2007 8:05 am Post subject: Kennywood Discussion Thread |
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Link to official Press Release
http://www.kennywood.com/docs/12.11.07KECNewChapterRelease.pdf
| Quote: | New Chapter in Kennywood Entertainment History Announced
PITTSBURGH, December 11, 2007 ? Kennywood Entertainment of Pittsburgh announced today that it has entered into an agreement to sell its amusement park holdings, including Kennywood in West Mifflin, PA, Idlewild & SoakZone in Ligonier, PA, Sandcastle Waterpark in West Homestead, PA and New England parks Lake Compounce Theme Park 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.
Acquiring Kennywood Entertainment is 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.
Parques Reunidos, with the financial backing of the Candover investment fund, a private equity investor in London, approached Kennywood with a purchase offer as part of their plan to consolidate family entertainment venues around the globe.
?The Kennywood experience?as visitors have come to love and expect?will continue. Nothing will seem different, even to the folks working at the parks. Existing management and staff will remain in place,? said Harry Henninger, Chairman of Kennywood Entertainment.
?In recent years, we've had talks with other operators wishing to acquire us, but Parques Reunidos is the first one to share our vision and philosophy.?
"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.?
A March completion date is anticipated. The agreement is subject to satisfactory completion of due diligence inquiries by the parties. The purchase price is not being disclosed.
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I think I am going to go cry now.
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Ted
http://www.coasterfanatics.com
onridephoto.com
Last edited by larrygator on Tue Sep 08, 2009 11:58 am
Last edited by Wes on Wed Aug 12, 2009 6:55 am
Last edited by robbalvey on Tue Dec 11, 2007 9:48 am |
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| raptorcrew2002 Full Fledged Donkey Enthusiast!
Joined: 11 May 2006 Total posts: 285 Location: Jacksonville, FL. Age: 32 Gender: Male |
| Posted: Tue Dec 11, 2007 8:08 am Post subject: |
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What... 
Better make sure I hit it this year before god knows what will become of it.
That sucks, but hope I'm proven wrong. |
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| cfc Having a Senior Moment
Joined: 21 Sep 2005 Total posts: 11226 Location: In the lair of the Huge Hummel Boy (which is conveniently located near Williamsburg, Va.) Age: 49 Gender: Male |
| Posted: Tue Dec 11, 2007 8:11 am Post subject: |
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It would be sad to see this truly funky, excellent park go corporate, but time will tell.
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Awaiting the return of Huge Hummel Boy |
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| Shockwave Non-German Tom Joined: 17 Feb 2005 Total posts: 2976 Location: Manchester, England Age: 25 Gender: Male |
| Posted: Tue Dec 11, 2007 8:22 am Post subject: |
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It's always sad to see tradition end like this, especially after a century of family onwership.
Parques Reunidos have quite a diverse portfolio of attractions. Parque De Attractiones Madrid, Bobbejaanland, Mirabilandia, Parque Warner Madrid, Bonbonland, and they also acquired Tusenfryd in November. I've been to a few of those parks and from what I've seen they look really good and are run really well. Concrete and trashcans certainly dont appear to be on the agenda. |
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| coaster05 Bonafide Donkey Expert Joined: 12 Sep 2005 Total posts: 2420 Age: 37 Gender: Male |
| Posted: Tue Dec 11, 2007 8:25 am Post subject: |
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| The three I have been to by this company were very nice, but not the best capacity. I am shocked and saddened by this information. |
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| Homer AWESOME-O-SAURUS!!!
Joined: 15 Feb 2005 Total posts: 3796 Location: SRQ, FL Age: 20 Gender: Male |
| Posted: Tue Dec 11, 2007 8:33 am Post subject: |
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Oh well, at least it isn't like 10 years ago when Six Flags took a bid at the park. I think that would have been a worse fate.
Its still sad, Kennywood was such a charming park to visit on the Midwest trip and the management there was really nice to our group. Here's hoping that Kennywood's new owners don't rip out the charm...
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[Ride count: 112] |
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| markalan928 I Guess Donkeys Are Okay
Joined: 12 Jun 2005 Total posts: 9 Location: Canton, OH Age: 43 Gender: Male |
| Posted: Tue Dec 11, 2007 8:34 am Post subject: |
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The article has been updated with additional information.
| Quote: | Included in the deal are Lake Compounce Theme Park in Bristol, Conn., and Story Land in Glen, N.H.
The purchase price is not being disclosed, according to a news release.
Kennywood Entertainment has been a closely held family business since F.W. Henninger and Andrew McSwigan purchased Kennywood Park from the Monongahela Railway Co. in 1906. The Henninger and McSwigan families, now in fourth and fifth generation, have remained owners.
Parques Reunidos, based in Madrid, is 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.
Parques Reunidos approached Kennywood with an offer as part of their plan to consolidate family entertainment venues around the globe.
"The Kennywood experience -- as visitors have come to love and expect -- will continue. Nothing will seem different, even to the folks working at the parks. Existing management and staff will remain in place," Harry Henninger, chairman of Kennywood Entertainment, said in the news release.
"In recent years, we've had talks with other operators wishing to acquire us, but Parques Reunidos is the first one to share our vision and philosophy."
Mr. Henninger added, "This has been a very difficult decision for members of the founding families, now numbering over 100 and residing all over the country." |
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| CoasterFanatic The Resident Smart-Ass
Joined: 15 Feb 2005 Total posts: 4495 Location: Weirton, WV Age: 34 Gender: Male |
| Posted: Tue Dec 11, 2007 8:42 am Post subject: |
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| Quote: | | Existing management and staff will remain in place |
This makes me feel a little better, but only a little.
_________________
Ted
http://www.coasterfanatics.com
onridephoto.com |
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| Johnny Upsidedown Full Fledged Donkey Enthusiast!
Joined: 26 Jul 2005 Total posts: 447 Location: Clearwater Florida, U.S.A. Age: 42 Gender: Male |
| Posted: Tue Dec 11, 2007 8:46 am Post subject: |
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Wow, was there any talk of the parks being sold or did this fly under the radar. First I have heard of the sale. I wonder if they decided to give up after problems arose with Kennywood getting the extra land and the highway extension. I wonder how it will affect the park in the long run. I hope they will take good care of the park.
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Johnny Roller Coaster Website with Roller coaster related: events, trip reports and construction photos. http://www.Johnnyupsidedown.com
Manta Construction http://www.johnnyupsidedown.com/manta.html |
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| TexTitan01 Donkeys are my way of life!
Joined: 19 Feb 2006 Total posts: 655 Location: Winchester, VA Age: 19 Gender: Male |
| Posted: Tue Dec 11, 2007 8:47 am Post subject: |
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| markalan928 wrote: | "The Kennywood experience -- as visitors have come to love and expect -- will continue. Nothing will seem different, even to the folks working at the parks. Existing management and staff will remain in place," Harry Henninger, chairman of Kennywood Entertainment, said in the news release.
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oh thank GOD. When i heard this news, a small knife went through my heart; but since they;ve assured us the park will keep its charm, that makes things a little better
as long as they dont get rid of the Potato Patch, and as long as they DO get rid of that mediocre dancing show!
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if life gives you lemons, squeeze them in lifes eyes and make it beg for mercy  |
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