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Angelo Gordon buys US amusement park

The alternative investment firm has acquired an amusement park in Alabama through its Adrenaline Family Entertainment company - led by former Six Flags executives.

Adrenaline Family Entertainment, the amusement park acquisition and development company of alternative investment firm Angelo, Gordon and Company, has acquired Alabama Adventure in Bessemer, Alabama. The seller was Southland Entertainment. Financial terms of the deal were not disclosed.

Hue Eichelberger, Adrenaline chief executive officer, said in a statement that the deal – the firm’s second acquisition through Adrenaline – was made owing to the “quality of the park, the impressive turnaround under the seller’s ownership, the strength of the greater Birmingham market and the potential for significant growth.”

Adrenaline Family Entertainment was established in November last year in conjunction with the New York-based firm’s acquisition of Clementon Lake Park in Clementon, New Jersey. “We see [these developments] as very attractive cash-flowing businesses that also have significant underlying asset value,” Dan Bonoff, Angelo Gordon managing director, said at the time.

Through Adrenaline, Angelo Gordon is looking to build a diversified portfolio of amusement park operations. Adrenaline is led by Eichelberger, the former executive vice president of the eastern region for Six Flags and chief financial officer Russell Kuteman, also formerly with Six Flags.