Adrenaline Buys Alabama Adventure

Adrenaline Family Entertainment Inc., an amusement park operating company, has acquired Alabama Adventure in Bessemer, Alabama, from Southland Entertainment. No financial terms were disclosed. Adrenaline is majority-owned by Angelo, Gordon & Co., and led by a team of former Six Flags executives. 

 

PRESS RELEASE

Adrenaline Family Entertainment, Inc. announced today the acquisition of Alabama Adventure in Bessemer, Alabama.  Adrenaline Family Entertainment is an amusement park operating company led by a team of former senior Six Flags Inc. executives and majority owned by Angelo, Gordon & Co., a New York-based investment management firm.    

 

Hue Eichelberger, CEO of Adrenaline Family Entertainment, said, “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.”  Adrenaline Family Entertainment's resources, operating experience and capital investment plan are expected to contribute to an improved park experience.  Eichelberger added, “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.”  Eichelberger was previously an Executive Vice President at Six Flags responsible for overseeing the company's operations in the eastern half of North America. 

  

The seller, Southland Entertainment, LLC, acquired the park in 2003 and has since invested substantial capital, including introducing 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.

  

Alabama Adventure is the second amusement park that has been acquired by Adrenaline in the past year and fits its business model of acquiring and operating high quality entertainment venues in strong regional markets.  Dan Bonoff, a Managing Director at Angelo Gordon, commented, “Our team sees a great deal of potential for Alabama Adventure.  We believe we've added a great asset to the growing Adrenaline family.”

  

About Angelo, Gordon & Co.

 

Angelo, Gordon & Co. is a leading alternative investment money management firm founded in 1988 and, with its affiliates, has approximately $18.5 billion under management.  Currently, the firm's investment disciplines encompass four principal areas: (i) distressed debt and leveraged loans, (ii) real estate, (iii) private equity and special situations and (iv) a number of hedge fund strategies.  Angelo, Gordon & Co. employs over 100 investment professionals and is headquartered in New York, with associated offices in Los Angeles, Chicago, London, Hong Kong, Seoul, and Shanghai.