Meriden, CT – Lake Compounce, one of Connecticut’s most popular amusement parks, will soon have new ownership.
Herschend and Parques Reunidos have reached an agreement for Herschend to acquire all U.S. properties under Palace Entertainment, including Lake Compounce.
Palace Entertainment operates more than 20 entertainment venues across 10 states. The deal hands over control to Herschend, a private company that owns several theme parks, including Dollywood.
“We look forward to building upon the strong foundation that Palace Entertainment has created and welcoming these properties and hosts into the Herschend family of brands,” said Herschend CEO Andrew Wexler.
The acquisition includes a transition period during which Herschend plans several key initiatives.
According to the company, it will enhance entertainment and maintain guest experiences, train new employees, and align operations with what it calls “Herschend’s people-first culture.”
Herschend also committed to ongoing communication with guests, employees, and local communities regarding the transition. The company has not disclosed whether any jobs will be affected.
Lake Compounce, the oldest continuously operating amusement park in North America, is expected to continue operations without immediate changes.
Palace Entertainment CEO John Reilly expressed confidence in the transition, stating, “Herschend is best in class in providing a high-quality guest experience within its parks. Palace Entertainment’s team members and its parks are in great hands as we make this transition.”
The deal is expected to close once regulatory conditions are met.
