Palace Entertainment - Building an Empire, Family Style
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Acquisition fever has hit the family entertainment industry, with Palace Entertainment’s $100 million-plus acquisition of 16 family entertainment centers in California and Florida. The 16 locations have combined revenues in excess of $50 million and attract about six million visitors annually.

Boomer’s Bought

Palace Entertainment also recently completed the purchase of Boomer’s Family Recreation Center, a 10-acre entertainment complex at the Boca Raton Airport. About one acre is available at this site for expansion and development. Palace Entertainment owned Speed-Park in Daytona Beach and Starworks Entertainment Arena in San Diego, prior to its latest acquisition.

The parks will each continue to operate under their existing names and will be owned and operated by the Palace Entertainment Holding Company. The Rameson family uses the "best practices" approach to management, which means dividing up the work according to who has proven they know what they’re doing. This approach already has led to the appointment of Ken Cobane as corporate director of sales for Palace. As group sales director for the Huish facilities, Cobane generated 18 percent of that company’s business, while group sales was only four percent for Camelot.

Truly Family Entertainment

Palace Entertainment centers are family-oriented, state-of-the-art, facilities that appeal to all ages and interests. Attractions include miniature golf, go-karts, video arcade games, bumper boats, batting cages, laser tag, simulators, water attractions, soft play areas, and restaurants. With more than six million visitors to its parks, Palace Entertainment calls itself the largest family entertainment center operator in the nation, based on sales, and the seventh largest amusement park operator in the U.S.

Acquisition Fever Sets In

Acquisition fever is new to the family entertainment center industry, but it’s well underway in the theme park end of the business. Premier Parks has been on a buying spree for some time. Premier Parks now owns and operates 31 family-oriented theme parks and water parks throughout the US and Europe. Its parks include Frontier City, White Water Bay, Geauga Lake, Wyandot Lake, Adventure World, Paradise Island, and Elitch Gardens and feature thrill rides, water slides, animal attractions, shows, food, games, and merchandise outlets. The company’s 1998 purchase of Six Flags Theme Parks made it the nation’s #2 amusement park operator (behind Walt Disney). Premier Parks owns 94% of Walibi, which operates six amusement parks in Belgium, France, and the Netherlands. The company plans to incorporate the Six Flags brand name at most of its parks.

Expansion Plans

Palace Entertainment plans to double the its size with 12 to 18 new acquisitions. Assisting Rameson in this mission are two men who bring a broad range of management and creative expertise to the company. Selwyn Joffe, president and chief operating officer, most recently worked as CEO of Wolfgang Puck Food Company. Working with Joffe is Douglas Honey, vice president of acquisitions, who states, "We have already assembled a significant package of development and acquisition opportunities and the company is always looking for new opportunities to grow."

$100 Million Acquistion Financing

Palace Entertainment completed its $100 million acquisition with the financial backing of Windward Capital Partners, a New York based private investment firm which provides capital to companies for acquisitions, re-capitalizations, leveraged buyouts, and growth financing. The $100 million deal included $40 million in hard cash and $60 million in long-term bank loans.

For more information, contact Douglas Honey, Palace Entertainment, 18300 Von Karmen Avenue Suite 900, Irvine, CA, 92612, or by phone at 949-261-0404, Fax: 949-261-1414. For acquisition or site submittals, mail information to Doug Honey’s attention at the above address, and include all materials on the proposed site.