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MidOcean Partners sells Palace Entertainment to Parques Reunidos for $330m29/08/2007. Source: AltAssets. 
 New York and London-based private equity firm MidOcean Partners has agreed to sell US entertainment park operator Palace Entertainment to Parques Reunidos, a European operator of leisure parks owned by Candover. The transaction is valued at approximately $330m plus cash and less net debt.
Palace Entertainment operates 33 water parks and family entertainment centres across the US. The waterparks include Wet 'N Wild, Raging Waters, Splish Splash, Big Kahuna's, Water Country, Mountain Creek and Wild Waters. MidOcean acquired Palace Entertainment in 2006 from an investor group led by Windward Capital. Terms of the transaction were not disclosed.
Tyler Zachem, managing director of MidOcean, said, 'We are pleased with the progress that we have made at Palace Entertainment during our ownership. With our prior experience investing in the leisure sector, we were able to bring significant management resources to Palace and have grown the business both organically and through acquisition. We have built Palace into a leader in its industry and a great platform which will facilitate Parques Reunidos's entry into the US leisure market.'
Based in New York and London, MidOcean focuses on mid-market transactions. Targeted sectors include consumer and leisure, media and communications, business and financial services and industrials.
Copyright © 2007 AltAssets
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