Rival Theme Park Giant Sells All Assets to Investment Firm in Secret Deal

On Thursday, a Disneyland competitor announced its plans to sell to an investment firm that will infuse millions into the park’s food offerings, entertainment, attractions, and general operations.

Santa Monica Amusements LLC, the company that operates Pacific Park on Santa Monica Pier in California has announced the sale of Pacific Park to an investment firm, SC Holdings. The firm plans to pour millions into the amusement park, giving its many offerings–from food and drinks to attractions and general operations–a boost.

Every part of the amusement park has been sold, even down to one of the park’s most iconic attractions, the giant ferris wheel.

The investment firm, SC Holdings, is led by managing partners Jason Stein and Daniel Haimovic and an inspiring portfolio that includes investments in LeBron James’ and Maverick Carter’s entertainment studio, The Springhill Company. The group also played a role in the merger of Major League Pickleball and the Professional Pickleball Association, as well as in the investment into Chef James Kent’s Saga Hospitality Group, home to several Michelin Star-rated establishments.

Vice President and General Manager of the Santa Monica Pier amusement park, Jeff Klocke, said that he and his team will continue to oversee the day-to-day operations at Pacific Park.

“Having SC as owners and investors in Pacific Park is a milestone moment,” Klocke said in a statement. “The Pier is a treasured part of Santa Monica and a place where both tourists and Angelenos come for fun and relaxation. SC’s investment and resources will help us expand what makes Pacific Park great today and write its next exciting chapter.”

Visitors do not pay an admission fee at Pacific Park on Santa Monica Pier, and the park welcomes more than 10 million visitors each year, per Santa Monica Amusements LLC.

Related: Ticket Prices for One-Day Admission at Disney World to Soar to More Than $250 Each

“We’re honored to support [Pacific Park’s] growth through investments into its programs and operations,” said SC Partner Adrian Williams. “The Pier and Park are such iconic parts of Southern California’s coastline, and we want to make sure they stay a welcoming place where visitors and locals can come have fun and relax.”

It’s not clear how much SC Holdings will pay for the purchase of Pacific Park from Santa Monica Amusements LLC, as the agreed-upon sum has yet to be disclosed.

This post Rival Theme Park Giant Sells All Assets to Investment Firm in Secret Deal appeared first on Disney Dining.