Kennywood Entertainment is selling its amusement park holdings, including Kennywood, Idlewild and Sandcastle, to Parques Reunidos, a company based in Madrid, Spain.
No financial terms were disclosed. A spokeswoman for Kennywood could not immediately be reached for comment.
Parques Reunidos manages 61 amusement, animal and water parks in the United States and Europe, with total annual visitors exceeding 22 million and revenue exceeding $570 million.
The Henninger and McSwigan families have owned Kennywood since 1906.
According to a news release, Parques Reunidos had the financial backing of the Candover investment fund, a private equity investor in London.
Candover approached Kennywood with a purchase offer as part of its plan to consolidate family entertainment venues around the globe, according to the release.
"The Kennywood experience -- as visitors have come to love and expect -- will continue," Kennywood Entertainment Chairman Harry Henninger said in a statement. "Nothing will seem different, even to the folks working at the parks. Existing management and staff will remain in place."
Henninger added, "This has been a very difficult decision for members of the founding families, now numbering over one hundred and residing all over the country. All of us are tremendously proud of what we created with Kennywood Entertainment. It has truly been a magical ride, managing Kennywood, starting Sandcastle, expanding and improving both Idlewild and Lake Compounce."
The transaction is expected to close in March.
Ann Dugan, executive director of the University of Pittsburgh's Institute for Entrepreneurial Excellence, said "anytime a region loses family ownership in a business, it loses a lot."
However, she is optimistic new ownership will help Kennywood.
"Parques Reunidos has the potential to add more resources to the park and further enhance it," she said.
No financial terms were disclosed. A spokeswoman for Kennywood could not immediately be reached for comment.
Parques Reunidos manages 61 amusement, animal and water parks in the United States and Europe, with total annual visitors exceeding 22 million and revenue exceeding $570 million.
The Henninger and McSwigan families have owned Kennywood since 1906.
According to a news release, Parques Reunidos had the financial backing of the Candover investment fund, a private equity investor in London.
Candover approached Kennywood with a purchase offer as part of its plan to consolidate family entertainment venues around the globe, according to the release.
"The Kennywood experience -- as visitors have come to love and expect -- will continue," Kennywood Entertainment Chairman Harry Henninger said in a statement. "Nothing will seem different, even to the folks working at the parks. Existing management and staff will remain in place."
Henninger added, "This has been a very difficult decision for members of the founding families, now numbering over one hundred and residing all over the country. All of us are tremendously proud of what we created with Kennywood Entertainment. It has truly been a magical ride, managing Kennywood, starting Sandcastle, expanding and improving both Idlewild and Lake Compounce."
The transaction is expected to close in March.
Ann Dugan, executive director of the University of Pittsburgh's Institute for Entrepreneurial Excellence, said "anytime a region loses family ownership in a business, it loses a lot."
However, she is optimistic new ownership will help Kennywood.
"Parques Reunidos has the potential to add more resources to the park and further enhance it," she said.
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