Angelo Gordon sets out plans for amusement park group

Adrenaline Family Entertainment has been established with the goal of building a diversified portfolio of amusement park operations through acquisition and selective greenfield developments.

Adrenaline will be led by chief executive Eichelberger, a former executive vice-president for the eastern region for Six Flags, and chief financial officer Kuteman, also a former Six Flags executive.

‘We have studied the amusement park industry and believe it offers an attractive return profile,’ says Dan Bonoff, a managing director at Angelo Gordon. ‘Clementon is a perfect example of the type of asset we are seeking to buy because of its strong regional presence and significant growth potential.’

Located 15 miles from downtown Philadelphia, Clementon Lake Park was founded in 1907, making it one of the oldest operating amusement parks in the US, and had been owned by the family of Larry Baker since 1977. Situated on around 55 acres of land, the park features amusement park rides and a water park and currently serves about 250,000 people a year.

‘With Angelo Gordon’s financial and strategic support, we are setting out to build a world-class organisation,’ Eichelberger says. ‘We are eager to find additional opportunities to continue to grow our business.’

Founded in 1988, Angelo Gordon has some USD16bn under management in distressed debt and leveraged loans, real estate, private equity and special situations, and a number of hedge fund strategies. The firm employs more than 100 investment professionals at its headquarters in New York and offices in Los Angeles, Chicago, London, Hong Kong, Seoul and Shanghai.