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Looping Group acquires Isla Mágica theme park

in Spain

Update : 09/01/13 - 13h49 Published by François Mayné the 8 January 2013, Corporate.

The French operator of regional amusement park Looping, property of the investment fund H.I.G. France, today announced it has reached an agreement with the Spanish bank CaixaBank concerning the acquisition of the theme park Isla Mágica in Seville.

After taking an equity stake of the company (to the tune of 82.8%) after merging with another banking institution, the CaixaBank had expressed its willingness to sell its shares in last November. At the same time, the bank had announced the sale of its stake in another Spanish theme park: PortAventura Resort in Salou.

The agreement, which amount was not disclosed, is expected to be completed next summer as it is conditioned to the fulfillment of legal and administrative obligations. With for commitment to ensure the continuity and development of the theme park, CaixaBank has already stated that it would assume a cost of €30 million (about $39 million) to clear the charges and financial risks associated with the operation.

Looping Group acquires Isla Mágica theme park in Spain

Located on the site of the World Fair Seville Expo'92, Isla Mágica offers a wide range of rides, attractions and entertainment around the theme of great discoveries. Despite regular investments and a average annual attendance of about 600,000 visitors (making it one of the most popular amusement parks in Spain), it has never achieved the objectives set at its beginning back in 1997. He has indeed recorded losses frequently, eg €3.2 million in 2011.

"Our goal is to bring to Isla Mágica our resources and our expertise to accelerate its development," said Laurent Bruloy, Chairman of Looping. "Our strategy includes an ambitious investment in new rides in order to enrich the offer and attract a wider clientele."

"Isla Mágica is a major theme park, by both its reputation and the quality of its rides and its development potential. This new acquisition is fully in line with our strategy to become the leading European regional amusement park operator. It also allows the Looping group to initiate a new phase of development to the south of Europe." added Cédric Lépée, Director at H.I.G. France.

Established in 2011 following the acquisition of seven parks from Compagnie des Alpes, including Parc Bagatelle (France), Avonturenpark Hellendoorn (Netherlands), Pleasurewood Hills (United Kingdom) and Aquaparc du Bouveret (Swiss ), the Looping group now operates eight sites in Europe since the purchase of the small amusement park Cobac Parc (France) last year.

Isla Mágica - Financial Information - - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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Compagnie des Alpes
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