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Cedar Fair to Acquire Two Texas Water Parks from Schlitterbahn for USD 261m
Friday 14 June 2019

14 June 2019 - Ohio, US-based regional amusement-resort operator Cedar Fair Entertainment Company (NYSE: FUN) has agreed to acquire two water parks and one resort in Texas Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston for a cash purchase price of USD 261m, the company said.
Cedar Fair has the right to acquire a property located in Kansas City, Kansas, for a cash purchase price of USD 6m.
Cedar Fair said it expects the two Texas locations to achieve an Adjusted EBITDA margin in line with Cedar Fair's standalone results as management implements a number of growth and operational initiatives at the parks over the next two years, reflecting an accretive EBITDA multiple post synergies.
Cedar Fair said the properties represent new markets with attractive demographics in the growing Central Texas region, and they align with the company's strategy to identify compelling opportunities to accelerate our growth and profitability.
Following this transaction, Cedar Fair's portfolio will consist of 15 parks, resort accommodations totaling more than 2,000 rooms across six parks, more than 600 luxury RV sites across four parks, and two marinas.
Perella Weinberg Partners is serving as financial advisor to Cedar Fair, and Squire Patton Boggs is providing legal counsel.
Details
Date Published: 14/06/2019
Target: Texas Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston
Country: USA
Deal Size: 261m (USD)
Sector: Hotels/Restaurants/Casinos/Catering
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Vendor:
Buyer: Cedar Fair Entertainment Company
Buyer Advisor: Perella Weinberg Partners , Squire Patton Boggs
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