KANSAS CITY, KC (KCTV) -- The parent company of Worlds of Fun has agreed to acquire two Schlitterbahn Waterparks and Resorts in Texas along with the right to acquire an additional property in Kansas City, Kansas, for future development.
Cedar Fair Entertainment Company signed the definitive agreement Thursday to acquire Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston for a cash purchase price of $261 million.
Additionally, Cedar Fair has the right to acquire Schlitterbahn's property in Kansas City, Kansas, for a cash purchase price of $6 million.
“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.”
Zimmerman continued, “Schlitterbahn employees are known throughout the industry for their innovation and dedication to the quality of the guest experience. Because of their work, the water park located in New Braunfels has been recognized as the ‘Best Water Park in the World’ for 21 straight years, and Galveston has received recognition as the ‘Best Indoor Water Park in the World’ for a decade. We look forward to adding these parks to Cedar Fair’s industry-leading portfolio of regional entertainment resorts.”
In 2018, Cedar Fair entertained 25.9 million guests, reported $1.35 billion in annual net revenues.
The company intends to finance the transaction through additional long-term borrowings.