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Cedar Fair acquires Schlitterbahn brand and two Texas waterparks
POSTED 18 Jun 2019 . BY Andy Knaggs
These properties...align with our strategy to identify compelling opportunities to accelerate our growth and profitability.
– Richard Zimmerman
Cedar Fair has announced the acquisition of waterpark operator Schlitterbahn, gaining two new Texas waterparks in the process.

Upping its waterpark portfolio to 15, the Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston represent a cash purchase of US$261m (€233.4m, £208.2m) for Cedar Fair. As part of the deal, the company also has an option to acquire a third site in Kansas City, which previously operated as a Schlitterbahn waterpark. This site would cost US$6m (€5.36m, £4.79m).

"These properties represent new markets for us, with attractive demographics in the growing Central Texas region, and they align with our strategy to identify compelling opportunities to accelerate our growth and profitability," said Richard Zimmerman, Cedar Fair's president and CEO.

"The investments we've made over the past five years to strengthen our back-of-house and customer-facing systems will support a smooth integration of these properties by ensuring a premium guest experience, strong team collaboration and superior execution."

In 2018, the two Texas waterparks and New Braunfels resort received 1.2 million guests and generated annual revenues of approximately US$68m (€60.79m, £54.26m) – numbers that can be added to Cedar Fair's 25.9 million guests and US$1.35bn (€1.21bn, £1.08bn) in reported annual net revenues. The company's Adjusted EBITDA margin was 35 per cent, and it said it expected the Texas waterparks to perform in line with this.

The Henry family, which founded the Schlitterbahn enterprise in 1979, said its remaining South Padre waterpark would remain under family ownership and be eventually be rebranded. The Corpus Christi waterpark that Schlitterbahn still operates for Diamond Beach will remain as such.

"Under Cedar Fair's leadership, the Schlitterbahn brand will have an opportunity to grow and expand like the early days when the sky was the limit," said the Henry family's statement. "While it's a difficult decision, after several challenging years, we believe that our team, communities, guests and fans are going to enjoy what lies ahead."

Criminal charges including murder were recently dropped against Schlitterbahn following the death of 10-year-old Caleb Schwab in 2016 on the record-breaking 17-storey Verrückt waterslide. The ride has since been demolished. The incident occurred at Schlitterbahn's Kansas waterpark.

The transaction remains subject to regulatory approval and other terms and conditions, which Cedar Fair expects to be completed this year. It said it will finance the transaction through additional long-term borrowing.

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Jobs   News   Products   Magazine
NEWS
Cedar Fair acquires Schlitterbahn brand and two Texas waterparks
POSTED 18 Jun 2019 . BY Andy Knaggs
These properties...align with our strategy to identify compelling opportunities to accelerate our growth and profitability.
– Richard Zimmerman
Cedar Fair has announced the acquisition of waterpark operator Schlitterbahn, gaining two new Texas waterparks in the process.

Upping its waterpark portfolio to 15, the Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston represent a cash purchase of US$261m (€233.4m, £208.2m) for Cedar Fair. As part of the deal, the company also has an option to acquire a third site in Kansas City, which previously operated as a Schlitterbahn waterpark. This site would cost US$6m (€5.36m, £4.79m).

"These properties represent new markets for us, with attractive demographics in the growing Central Texas region, and they align with our strategy to identify compelling opportunities to accelerate our growth and profitability," said Richard Zimmerman, Cedar Fair's president and CEO.

"The investments we've made over the past five years to strengthen our back-of-house and customer-facing systems will support a smooth integration of these properties by ensuring a premium guest experience, strong team collaboration and superior execution."

In 2018, the two Texas waterparks and New Braunfels resort received 1.2 million guests and generated annual revenues of approximately US$68m (€60.79m, £54.26m) – numbers that can be added to Cedar Fair's 25.9 million guests and US$1.35bn (€1.21bn, £1.08bn) in reported annual net revenues. The company's Adjusted EBITDA margin was 35 per cent, and it said it expected the Texas waterparks to perform in line with this.

The Henry family, which founded the Schlitterbahn enterprise in 1979, said its remaining South Padre waterpark would remain under family ownership and be eventually be rebranded. The Corpus Christi waterpark that Schlitterbahn still operates for Diamond Beach will remain as such.

"Under Cedar Fair's leadership, the Schlitterbahn brand will have an opportunity to grow and expand like the early days when the sky was the limit," said the Henry family's statement. "While it's a difficult decision, after several challenging years, we believe that our team, communities, guests and fans are going to enjoy what lies ahead."

Criminal charges including murder were recently dropped against Schlitterbahn following the death of 10-year-old Caleb Schwab in 2016 on the record-breaking 17-storey Verrückt waterslide. The ride has since been demolished. The incident occurred at Schlitterbahn's Kansas waterpark.

The transaction remains subject to regulatory approval and other terms and conditions, which Cedar Fair expects to be completed this year. It said it will finance the transaction through additional long-term borrowing.

RELATED STORIES
Cedar Fair acquires Great America amusement park land in California


In what it calls a “once in a generation opportunity”, amusement resort operator Cedar Fair Entertainment has entered into an agreement to buy the rights to the land beneath its California’s Great America park in Santa Clara, California.
Criminal charges dropped over Schlitterbahn waterslide death


A county judge in Kansas, US, has dismissed a number of criminal charges, including murder, against the designers and operators of Verrückt – a record-breaking 17-storey waterslide that killed 10-year-old Caleb Schwab in 2016.
Cedar Fair looks ahead with optimism after 2018 results


Cedar Fair has reported positive Q4 and full 2018 figures, along with a new long-term growth target.
Cedar Fair eyes out-of-park investments as operator reports record revenues in 2018


Cedar Fair has revealed plans to grow and expand its external revenue streams through new developments attached to its existing parks portfolio.
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Connecticut aquarium starts work on new seal display and 4D theatre
The Maritime Aquarium at Norwalk is set to undergo expansion, with a large seal exhibit and 4D movie theatre to open at the attraction in 2020.
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COMPANY PROFILES
RMA Ltd

RMA Ltd is a one-stop global company that can design, build and produce from a greenfield site upw [more...]
IDEATTACK

IDEATTACK is a full-service planning and design company with headquarters in Los Angeles. [more...]
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WhiteWater was born in 1980 to create places where families unite and make joyful lasting memories [more...]
Clip 'n Climb

Clip ‘n Climb currently offers facility owners and investors more than 40 colourful and unique Cha [more...]
+ More profiles  
FEATURED SUPPLIER

ProSlide appoints Chantal Theoret as director of global marketing
ProSlide Technology has appointed Chantal Theoret as its new director of global marketing. [more...]
VIDEO GALLERY

Simworx - The power to move you…
Simworx is acknowledged as one of the world’s leaders in the supply of 4D Effects Cinemas and Motion Simulation Attractions. Find out more...
More videos:
Jurassic War - Immersive tunnel movie trailer – Red Raion
Red Raion Showreel 2019 – Red Raion
Red Raion: Meet the Team - Introduction – Red Raion
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
DIRECTORY
+ More directory  
DIARY

18-22 Nov 2019

IAAPA Expo

Orange County Convention Center, Orlando, United States
14-16 Jan 2020

EAG International

ExCel London Exhibition Centre, London,
+ More diary  
 


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Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2019

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