Today Cedar Fair Entertainment Company announced that it has signed a Definitive Agreement to acquire Schlitterbahn Waterparks and resorts in New Braunfels and Galveston, Texas. With an additional right to acquire a property in Kansas City Kansas for future development. The cost of the purchase of the two in Texas is $261 Million in cash plus a $6 million for the one in Kansas.
“We are very excited about the opportunity to bring these two award-winning Texas water parks into the Cedar Fair family,” said Richard Zimmerman, Cedar Fair’s president and CEO. “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. The investments we have 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.”
Read more about this announcement here