Newport Beach-based leisure park owner and operator Palace Entertainment Inc. has sold 15 of its entertainment center locations to Apex Parks Group in Aliso Viejo.
Terms of the sale were undisclosed.
Palace has various “family entertainment centers” in its portfolio, such as Boomers!, which features miniature golf courses and go-kart tracks. It also operates Raging Waters, the largest water theme park in California.
Palace, headed by Chief Executive Fernando Eiroa, has about 60 employees at its headquarters and about $300 million in annual revenue. It was acquired by Madrid, Spain-based Parques Reunidos SA in 2007 for $330 million.
The recent deal with Apex includes 10 Boomers locations in California and Florida—including those in Irvine and Fountain Valley—along with two SpeedZone locations, in Los Angeles and Dallas.
The sale was part of Palace’s “plan to focus on gated parks” through acquisitions, according to a statement by Eiroa.
Palace now has 23 family entertainment centers and water parks across 10 states, said spokesperson Michele Wischmeyer.
Apex is headed by Al Weber, former president and chief executive of Palace. Weber also previously served as chief operating officer of Six Flags Entertainment Corp.
