Just an interesting tidbit

[Reclaimer]

While randomly surfing the web and procrastinating, I stumbled upon this site. It is of Squire, Sanders & Dempsey, the firm that helped Cedar Fair acquire the parks. Don't think it's been posted before, but I could be wrong.

http://www.ssd.com/services/casestudy_deta...casestudyid=102

[scotty]

While randomly surfing the web and procrastinating, I stumbled upon this site. It is of Squire, Sanders & Dempsey, the firm that helped Cedar Fair acquire the parks. Don't think it's been posted before, but I could be wrong.

http://www.ssd.com/services/casestudy_deta...casestudyid=102

Nice find. Just curious who the other un-named parties are.... Disney? Universal? Six Flags?

[Reclaimer]

We'll probably never know for sure...that's confidential information that's been on everyone's minds since the sale of the parks was announced. I'd just like to know who the other party was that was really aggressive and would love to know just how aggressive they were. I know this is just beating a dead horse, but that's just one piece of info I'd love to have. heh

[jzarley]

^ my bet is on the Blackstone Group...

[ragerunner]

I am sure some PKI forumers were near the top of the bidding.

[Vortex]

I do know that the Blackstone Group was looking for other parks at the time. Would Disney, Universal, or Six Flags want the Paramount Parks?

It would have been nice if Disney would have got Kings Island.

[PKIVortex]

I just glad the parks were passed on to another Amusement Park operator. I wonder who else put in a bid. Investment groups? Anheuser Busch? I doubt Six Flags did, they were already too much in debt. I doubt Disney did as well. It would be nice if they would tell us though who put in bids.

[jzarley]

There may have been some initial bids from other park chains, but it's hard to imagine any of them being very serious. NBC/Universal hasn't exactly sung the praises of theme park ownership, and there were rumblings a few years ago that Anheuser-Busch wasn't interested in expanding their theme park portfolio beyond its current size. Six Flags may have loved to have them, but considering their financial situation at the time of the bidding, there's no way they could have pulled off the financing. And, those parks just don't fit the Disney mold. (Even as Disney has recently discussed developing regional parks, they're described as "upscale, intereactive, highly personal experiences"--that doesn't fit the description of a Paramount Park...)

I'd still be willing to bet that it was one of the equity firms--Blackstone, Texas-Pacific, or somebody like that--that ran up the bidding past the $1B mark.

[CoastersNSich]

As I've said before, I'm glad it was Cedar Fair, a company whose sole business is amusement parks, rather than an investment group or other conglomerate, acquiring Kings Island.

There has even been a rumor that August A. Busch IV, replacing his father at Anheuser-Busch, may consider selling off Busch's theme park division. While it's believeable that Busch expressed interest in the Paramount Parks, I don't think they went too far.

I'm led to believe that it was an investment firm, that included some former theme park executives, that eventually lost the bidding battle with Cedar Fair. While an investment group has a lot of potential for KI, they might also be in the situation where they're looking to make a big profit off the parks, then take off when the timing's right.

[erniebald57]

I doubt that many of the major chains threw their hat in the ring. Six Flags isn't in the position to buy, Busch is thinking about selling, Disney won't touch anything seasonal, Universal won't either. I think that the other major bidder was probably the PARC Corporation, the group of former amusement execs that just bought seven Six Flags parks. There probably were a couple more, but it only makes sense. They seem to be the only other company making big moves in the industry.

[KI-ORIG-EMP]

I would love to be a fly on the wall and listen to all the discussions on who wanted to buy the parks and how much they were willing to spend. I agree that there were only a limited number of investors that were willing and able to finance just a huge undertaking. It was clear that near the end, CBS did not want to invest in the parks and they no longer fit in their plans or business interests. I am glad that Cedar Fair aquired all the former Paramount Parks and will invest in them. I would think the next five years or so we will see the direction and how we (Paramount Parks) will fit in their long term plans and goals. I know I am really looking forward to being part of the Cedar Fair family and expecting a really great 2007 season.

Mike

[westcoaster]

Great Comment: I'm excited too at all the future prospects. Cedar Fair will do great. For those folks out there doubting it because of Geuaga Lake That whole park was not the same after sea world left next door.

So Kings Island will be on track again:

[jzarley]

I doubt that many of the major chains threw their hat in the ring. Six Flags isn't in the position to buy, Busch is thinking about selling, Disney won't touch anything seasonal, Universal won't either. I think that the other major bidder was probably the PARC Corporation, the group of former amusement execs that just bought seven Six Flags parks. There probably were a couple more, but it only makes sense. They seem to be the only other company making big moves in the industry.

Your point about PARC as a serioius bidder is excellent...I hadn't thought about them. (Of course, at the time of the Paramount bidding no one knew they existed <g>.)

[Ensign Smith]

When I visited KI last April, I was on the platform to get on Beast when the crew broke into the lines to allow a group of men to get on without waiting. There were five or six of them, all dressed VERY business executive...not your typical batch of vacationeers. They had expensive tailored suits and overcoats, umbrellas, briefcases. (which they left while they rode). All but one of them were apparently Asian. That last point has no other purpose than to suggest that it's possible that they were representatives of an Asian company. They seemed very chagrined, almost embarrassed, to be getting on the roller coaster. When their train pulled out, I asked one of the crew who they were. He rolled his eyes and said, "More buyers."

I was on the train after them, and when I got off I rushed down the exit and followed them over to...Vortex, where they did the same exact thing.

The reason I posted this anecdote is this: there may have been a lot more interested parties than we can think of. Heck, they probably had potential buyers from half a dozen countries, maybe more.

Can any KI crewmembers on this site corroborate my story?

[Snake Attack!]

^Well I wish I could but in all my time that I put in at the park this year, while the park was up for sale, I never saw any group running around in business coats and such, not saying that your wrong but if I would imagine they would have swung my nick u and I would have seen them, but I am sure a ride operator will be able to tell you on here.

[Vortex]

Well after the sale to Cedar Fair I did see two men walking around with clip boards. I saw them on Vortex and IJ. Both men had Cedar Fair work tags on their dress shirts.

[AvatarOp16]

Actually, prior to the parks being bought, I saw groups of people walking around that were interested in buying the park. I worked Avatar all season, and only saw them a few times toward the very beginning of the season.

[SOB_TOM]

Knowing what I Know, you would be surprised who was actually looking into buying the parks. A lot more big players were involved other than those already named.

[The Interpreter]

And there is at least one poster who has been known to attend amusement and/or theme parks in suit, tie and dress shoes.

More than once, actually.

[TQZ]

has been known to attend amusement and/or theme parks in suit, tie and dress shoes.

Kinda sounds like its on the realm of Mid-Life Crisis if you ask me....