Kennywood = Sold
Kennywood and its sister parks were sold to theme park operator Parques Reunidos. Kennywood Entertainment oversees Kennywood (Pittsburgh, PA), Idlewild & SoakZone (Ligonier, PA), Sandcastle Waterpark (West Homestead, PA), Lake Compounce Theme Park (Bristol, CT) 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.
Acquiring Kennywood Entertainment is Parques Reunidos, based in Madrid, Spain, an international operator that manages 61 amusement, animal and water parks in the U.S. and Europe, with total annual visitors exceeding 22 million and revenues exceeding $570 million.
Parques Reunidos, with the financial backing of the Candover investment fund, a private equity investor in London, approached Kennywood with a purchase offer as part of their plan to consolidate family entertainment venues around the globe.
“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.”
-From Pittsburgh’s WXPI
Check out the full story here.
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