Parques Reunidos acquires Miami Seaquarium
Arle Capital portfolio company Parques Reunidos, a leisure park operator, has completed its acquisition of Florida’s Miami Seaquarium.
The acquisition was funded through existing cash reserves from its US business Palace Entertainment, which owns more than 38 parks across the US.
Miami Seaquarium is the longest-operating oceanarium in the US, attracting around 650,000 visitors per annum, with a season which runs throughout the year. Positioned in Virginia Key (Miami-Dade County), the park allows visitors to view or interact with marine animals including dolphins, manatees, sea lions and hosts eight different marine animal shows each day.
The acquisition completes Parques Reunidos’ portfolio of marine life parks that already includes Sea Life in Hawaii, Marineland in France, Selwo Marina in Spain and Oceanarium in the UK. It additionally manages the L’Oceanografic, the largest European park of its kind, located in Valencia, Spain.
Javier Abad, partner at Arle Capital, says: “This is a landmark acquisition for the group in the US. The quality of the park, the opportunity to further expand Seaquarium’s offering and the year-round experience presented by the local weather make it an excellent addition to our diversified US portfolio of parks. It is another positive development for Parques, following the recent successful refinancing of its European debt and injection of capital which will be used to drive organic growth and enhance the customer experience.”
Yann Caillère, CEO of Parques Reunidos, says: “This acquisition underpins our strategy to grow through acquisition and geographic diversification, as well to invest in our existing parks and continually improve the visitor experience. Marine life installations are one of our core businesses, where we have developed a world class reputation. We are the only true operator that successfully manages all different types of park with an extensive international, global reach.”
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