Aliso Viejo and Newport Beach, CA, USA (September 18, 2014) – Broad Sky Partners and The Edgewater Funds are pleased to announce the formation of Apex Parks Group (APEX) through the acquisition of 14 family entertainment centers and one water park from Festival Fun Parks, LLC dba Palace Entertainment.
The 14 family entertainment centers include park locations under Boomers!, Malibu Grand Prix, Mountasia, and SpeedZone franchise brands. Focused on family fun close to home, the new Apex Parks Group include a wide range of attractions: from mini golf courses to go kart tracks to state-of-the-art arcades to Big Kahuna, which offers guests 40 water attractions. The portfolio begins to create a strong platform for growth and expansion.
“It is Palace’s plan to focus on gated parks in key markets. With the sale of these parks, we look to strengthen our geographical diversity and grow through the acquisition of more gated attractions in the future. We wish to thank our employees for their outstanding efforts over the years and we wish them well,” Fernando Eiroa, Palace Entertainment’s President and CEO stated.
Al Weber, former CEO of Palace Entertainment and Chief Operating Officer of Six Flags Theme Parks, will serve as CEO of Apex Parks Group in addition to his role as a Broad Sky operating partner. Joining Mr. Weber on the executive team are Chief Financial Officer Doug Honey and Senior Vice President of Parks Gregg Borman, both industry veterans.
Mr. Weber commented, “I am thrilled to be associated with this collection of parks and the dedicated employee base. I am excited about the opportunity to invest in the locations and deliver on APEX’s commitment to providing a family-friendly experience and facilitating memories that our guests will treasure for years to come. We look forward to aggressively growing APEX, both organically and through acquisitions.”
Tyler Zachem, CEO and Founding Partner of Broad Sky Partners, commented, “We are thrilled with the opportunity to partner with Al Weber and Edgewater. Apex Parks Group fits solidly within our investment framework: investing in sectors we know, partnering with best-in-class executives, and building platforms that support enhanced growth and acquisition opportunities. We believe our collective experience in the leisure/entertainment category will allow us to successfully take APEX to the next level.”
Dave Tolmie, a Partner with Edgewater, commented, “We believe the family entertainment center sector is an attractive space delivering great entertainment value and growth opportunity. We are pleased to partner with Al Weber and his team.”
The park locations are: Boomers! Boca Raton, FL, El Cajon, CA, Fountain Valley, CA, Fresno, CA, Irvine, CA, Livermore, CA, Modesto, CA, San Diego, CA, Santa Maria, CA, and Upland, CA; Malibu Grand Prix San Antonio, TX; Mountasia Houston, TX; and SpeedZone Dallas, TX and Los Angeles, CA and Big Kahuna’s Water Park in Destin, Florida.