Alabama Adventure has been sold to Oklahoma based Adrenaline Family Entertainment (owners of Clementon Park). Here is the press release:
BESSEMER, Ala., May 15 /PRNewswire/ -- Adrenaline Family Entertainment, Inc. announced today the acquisition of Alabama Adventure in Bessemer, 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 of North 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 greater Birmingham 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 of Alabama what we can do."
Alabama Adventure is currently open weekends and will begin fulltime operation May 22nd.
Adrenaline Family Entertainment, Inc.
CONTACT: Brian McDuff, +1-205-481-4750 ext. 230, for Adrenaline Family
Published May. 15, 2008
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