Kennywood deal final
KENNYWOOD ENTERTAINMENT SOLD TO SPANISH FIRM
ACE MEMBERS REMAIN OPTIMISTIC ABOUT THE PARK’S FUTURE
American Coaster Enthusiasts (ACE) learned this morning that Kennywood Entertainment, and all of its holdings, which include Kennywood in West Mifflin, Pa. and Idlewild & Splash Zone in Ligonier, Pa., have entered into an agreement to sell the company to Parques Reunidas, a Spanish-based firm that operates over 60 amusement facilities and waterpark throughout the world.
The news comes as a big surprise to nearly all of the organization’s members, several hundred of who reside in Western Pennsylvania. In addition to being one of the few remaining traditional amusement park’s in America that is over a century old, Kennywood has also been one of the largest parks that has until this point, remained family-owned.
With its collection of unique roller coasters and nostalgic traditional atmosphere, Kennywood is fiercely loved among ACE’s members. “I’ve traveled to hundreds of amusement parks around the world, and when someone asks what my favorite park is, locals are always surprised to hear that it’s Kennywood,” remarked Bill Linkenheimer III, a Ross Township resident who has served as president of American Coaster Enthusiasts, and still serves as an officer.
Regarding the change in ownership at Kennywood, though Kennywood officials have announced that existing management and staff will remain in place, Mr. Linkenheimer believes that most of ACE’s members will be concerned that the traditional values of the park may change, even if not immediately. “Parques Reunidos is a solid organization with a reputation for investing in its properties and I’m optimistic that Kennywood will continue to prosper,” said Mr. Linkenheimer, adding “While amusement parks have largely become homogenous, Kennywood’s success is the result of being unique; and management’s ability to keep the old, and blend in the new. This formula has kept the locals loyal, and attracted many from outside the region. If the new ownership respect’s the traditions, it will succeed.”
ACE is a worldwide organization dedicated to the enjoyment, preservation, education, and appreciation of roller coasters. With more than 7,000 members in all 50 states and in 12 different countries, ACE is also the largest amusement park enthusiast club in the world.
Kennywood Park's News Release
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From ACENewsNow
Kennywood Sold
Kennywood Entertainment of Pittsburgh announced December 11, 2007 that it has entered into an agreement to sell its amusement park holdings to Parques Reunidos, based in Madrid, Spain, an international operator that manages 61 amusement, animal and water parks in the U.S. and Europe. Included in the sale were Kennywood, Idlewild, Sandcastle Waterpark, Lake Compounce Theme Park and Story Land (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.
“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.”
The companies expect to close on the deal in March.
From ACENewsNow
Kennywood Sold
Kennywood Entertainment of Pittsburgh announced December 11, 2007 that it has entered into an agreement to sell its amusement park holdings to Parques Reunidos, based in Madrid, Spain, an international operator that manages 61 amusement, animal and water parks in the U.S. and Europe. Included in the sale were Kennywood, Idlewild, Sandcastle Waterpark, Lake Compounce Theme Park and Story Land (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.
“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.”
The companies expect to close on the deal in March.