robbalvey Posted October 1, 2013 Posted October 1, 2013 (edited) Herschend Family Entertainment New Owners of World Famous Harlem Globetrotters Family Entertainment Company Interested in Domestic and International Multimedia Expansion Acquires Legendary Team Norcross, GA (10/1/2013)-Herschend Family Entertainment Corporation (HFE) announced today it has acquired Harlem Globetrotters International, Inc. (HGI) from Shamrock Capital Advisors . Effective immediately, HGI is a wholly owned subsidiary of HFE. HFE is the largest family-owned themed attractions company in the U.S., owning and operating 26 properties throughout the country, including theme parks, aquariums, hospitality businesses and tours. A complement to HFE's family-friendly portfolio of businesses, this acquisition marks an expansion for the company into new media, audiences and markets. HGI brings to HFE a hugely popular and relevant brand that has seen a resurgence in the past five years, growing from a live event touring company into a full-fledged global entertainment brand. The Globetrotters perform over 400 live events worldwide annually, reaching over three million fans in more than 30 countries. Last year, HGI produced all-time highs in live-event revenue, sponsorship partnerships, merchandise sales and media impressions, all while building a top-notch online community and introducing its star players to a new generation of fans. "For nearly nine decades, the Harlem Globetrotters have had a rich tradition of creating family memories through sports and entertainment. The team is coming off its best touring year ever, and this acquisition helps HFE diversify into a new but complementary business," said Joel Manby, HFE's president and CEO, in making the announcement. "Becoming the new owners of this legendary team is a natural step as HFE continues to develop wholesome, immersive entertainment that parents can trust -- entertainment that brings families closer together." "We couldn't be more pleased to join the HFE family. The Globetrotters enjoy a huge global popularity that spans all continents, and our brand is hotter than ever. Under HFE's ownership, we are looking forward to building upon this domestic and international success," said Kurt Schneider, HGI's CEO. "We also see opportunities to cross-market between the Harlem Globetrotters' popular tour and players and HFE's family attractions, allowing both companies to reach even more fans. We are very thankful for Shamrock's stewardship of the brand these past eight years." "We feel very fortunate that we had the opportunity to be stewards of this treasured American brand," commented Michael LaSalle, Partner at Shamrock Capital Advisors. "The current team has enabled the Harlem Globetrotters to entertain more families than ever before, and we look forward to watching the next successful chapter of this storied franchise." While details of the agreement are private, HFE disclosed that the current HGI management team as well as the active player roster would remain the same. HGI employs more than 90 people including staff, players and coaches. HFE was founded more than 50 years ago and is still privately owned by the Herschend family. Brothers Jack and Pete Herschend are co-founders of the company. In 2004, the brothers were inducted into the Hall of Fame of the amusement industry's largest organization worldwide, the International Association of Amusement Parks and Attractions (IAAPA), for their strategic vision and leadership in the themed attractions industry. Over the years, HFE's many properties have been internationally lauded numerous times for excellence in theme, shows, entertainment and operations. In fact, the best new ride in the world was won by Dollywood in 2012 and Silver Dollar City in 2013. The Harlem Globetrotters were founded in 1926 as the Savoy Big Five. Now, 88 years, over 25,000 games, six continents and 122 countries and territories later, the team has become one of the most recognizable franchises in sports and entertainment. One of only nine teams to ever be inducted into the Naismith Memorial Basketball Hall of Fame, the Globetrotters play over 400 exhibition games worldwide annually and have entertained over 138 million fans in their storied history. Genesis Capital, LLC acted as the investment banker and McKenna Long & Aldridge LLP provided legal counsel for Herschend Family Entertainment Corporation. Piper Jaffray & Co. acted as the investment banker and Kirkland & Ellis LLP provided legal counsel for Harlem Globetrotters International, Inc. ABOUT SHAMROCK Shamrock Capital Advisors is a Los Angeles-based private equity firm with over $700 million of capital under management. Investing exclusively in the media, entertainment, and communications sectors, Shamrock partners with strong management teams and takes an active, collaborative approach to creating value in each investment. Originally founded in 1978 as the Roy E. Disney family investment company, Shamrock is currently investing out of Shamrock Capital Growth Fund III, a $400 million fund raised in 2011. Shamrock's current investments include Giant Creative/Strategy, INgrooves, Learfield Communications, MarketCast, Mobilitie, Mojiva, PGOA, Screenvision, and T3 Media. For more information, visit http://www.shamrockcap.com. ABOUT HARLEM GLOBETROTTERS INTERNATIONAL Sponsored by Wonderful Pistachios, Howard Johnson Hotels and Greyhound Lines, the Original Harlem Globetrotters are celebrating their 88th consecutive year, continuing a world famous tradition of ball handling wizardry, basketball artistry, and one-of-a-kind family entertainment that continues to thrill fans of all ages. Throughout their history, the Globetrotters have showcased their iconic talents in 122 countries and territories on six continents, often breaking down cultural and societal barriers while providing fans with their first-ever basketball experience. Proud inductees of the Naismith Memorial Basketball Hall of Fame, the Globetrotters have entertained hundreds of millions of fans-among them popes, kings, queens, and presidents-over more than eight thrilling decades. For the latest news and information about the Harlem Globetrotters, and to purchase tickets and team merchandise, visit the Globetrotters' official Web site: http://www.harlemglobetrotters.com. ABOUT HERSCHEND FAMILY ENTERTAINMENT Herschend Family Entertainment Corporation (HFE) is the largest family-owned themed attractions corporation in the U.S. The company creates, develops and operates entertainment, tourism and hospitality properties spanning 26 locations in ten states. HFE is committed to creating memories worth repeating® by producing wholesome, immersive family entertainment experiences. Properties include: operating partner with Dolly Parton in Tennessee's Dollywood and Dollywood's Splash Country; owners of Branson, Missouri's Silver Dollar City; operating partner in Atlanta's Stone Mountain Park; owners of Adventure Aquarium and Newport Aquarium in New Jersey and Kentucky; owners of Wild Adventures Theme Park in Valdosta, Georgia. The company also manages Darien Lake near Buffalo, New York and Elitch Gardens in Denver, Colorado. Edited October 1, 2013 by robbalvey
SharkTums Posted October 1, 2013 Posted October 1, 2013 Odd. Perhaps they'll buy a kids haircut chain next? Are the Globetrotters still a big deal?
DJeXeL Posted October 1, 2013 Posted October 1, 2013 Well that surely is odd. Heaven't heard anything about the HG in about 5 years but I'm interested to see how this pans out.
Hilltopper39 Posted October 1, 2013 Posted October 1, 2013 Kind of a weird acquisition, but hey whatever! I mean I doubt this will have any impact on the the parks except for maybe some random appearances here and there but even though I haven't been to a Globe Trotters game in years if they're doing 400 live events a year there's money to be made. Maybe there will be a Harlem Globetrotters: The Ride, or at least a Midway game where if I can bank a basketball off of a trashcan lid, over the ferris wheel, and into the hoop I can win a free warm up suit .
alpengeist04 Posted October 1, 2013 Posted October 1, 2013 Maybe there will be a Harlem Globetrotters: The Ride... If it would have been Six Flags, definitely.
tntornadox Posted October 1, 2013 Posted October 1, 2013 I feel this acquisition follows the company's overall strategy of diversifying in the field of family entertainment. You have the theme parks, water parks, dinner attractions, aquariums, ride the ducks and now this. IMO, if it makes money and can fit into the HFE culture of providing quality family entertainment and can 'make memories worth repeating', it really doesn't matter what it is and can fit into the company quite nicely.
Wes Posted October 1, 2013 Posted October 1, 2013 Can't wait for the Bucket of Confetti coaster at Dollywood!
robbalvey Posted October 1, 2013 Author Posted October 1, 2013 I feel this acquisition follows the company's overall strategy of diversifying in the field of family entertainment. You have the theme parks, water parks, dinner attractions, aquariums, ride the ducks and now this. IMO, if it makes money and can fit into the HFE culture of providing quality family entertainment and can 'make memories worth repeating', it really doesn't matter what it is and can fit into the company quite nicely. I thought they sold "Ride The Ducks", no?
GrapesLie Posted October 1, 2013 Posted October 1, 2013 Globetrotter dinner theater experience? It's like The Dixie Stampede only with Basketball?
tntornadox Posted October 1, 2013 Posted October 1, 2013 I feel this acquisition follows the company's overall strategy of diversifying in the field of family entertainment. You have the theme parks, water parks, dinner attractions, aquariums, ride the ducks and now this. IMO, if it makes money and can fit into the HFE culture of providing quality family entertainment and can 'make memories worth repeating', it really doesn't matter what it is and can fit into the company quite nicely. I thought they sold "Ride The Ducks", no? No, they still operate them in Branson, Philadelphia, San Francisco (A cable car attraction as well here), Stone Mountain and Newport, KY.
robbalvey Posted October 1, 2013 Author Posted October 1, 2013 I feel this acquisition follows the company's overall strategy of diversifying in the field of family entertainment. You have the theme parks, water parks, dinner attractions, aquariums, ride the ducks and now this. IMO, if it makes money and can fit into the HFE culture of providing quality family entertainment and can 'make memories worth repeating', it really doesn't matter what it is and can fit into the company quite nicely. I thought they sold "Ride The Ducks", no? No, they still operate them in Branson, Philadelphia, San Francisco (A cable car attraction as well here), Stone Mountain and Newport, KY. So this never happened? http://www.genesis-capital.com/news/id/25/herschend-family-entertainment-sold-a-majority-interest-in-ride-the-ducks.aspx Herschend Family Entertainment Sold a Majority Interest in Ride the Ducks - Genesis Capital is pleased to announce that it advised Herschend Family Entertainment Corporation on the sale of a majorirty interest in Ride the Ducks. The buyer is a private, long-term investor with a track record of building successful businesses. Ride The Ducks is the nation's largest amphibious tour operator and amphibious vehicle manufacturer. Their mission is to "create Quack-tastic℠ memories worth repeating" by offering our guests an entertainment sightseeing experience that is fun, informative and engaging. Their fleet exceeds 90 vehicles and carries over 1,200,000 guests each year around the United States.
cfc Posted October 1, 2013 Posted October 1, 2013 There needs to be a "Harlem Globetrotters on Gilligan's Island" attraction at SDC and Dollywood.
gisco Posted October 1, 2013 Posted October 1, 2013 I know the Globetrotters come to Fresno every year. They have switched from the smaller 8,000 seat arena to the larger 12,000 one. Tickets go from $65 up to $250 each. So I guess the answer is they are still popular.
darienlake Posted October 1, 2013 Posted October 1, 2013 In my option, This seems like a weird purchase for a theme park company to buy.
tntornadox Posted October 1, 2013 Posted October 1, 2013 I feel this acquisition follows the company's overall strategy of diversifying in the field of family entertainment. You have the theme parks, water parks, dinner attractions, aquariums, ride the ducks and now this. IMO, if it makes money and can fit into the HFE culture of providing quality family entertainment and can 'make memories worth repeating', it really doesn't matter what it is and can fit into the company quite nicely. I thought they sold "Ride The Ducks", no? No, they still operate them in Branson, Philadelphia, San Francisco (A cable car attraction as well here), Stone Mountain and Newport, KY. So this never happened? http://www.genesis-capital.com/news/id/25/herschend-family-entertainment-sold-a-majority-interest-in-ride-the-ducks.aspx Herschend Family Entertainment Sold a Majority Interest in Ride the Ducks - Genesis Capital is pleased to announce that it advised Herschend Family Entertainment Corporation on the sale of a majorirty interest in Ride the Ducks. The buyer is a private, long-term investor with a track record of building successful businesses. Ride The Ducks is the nation's largest amphibious tour operator and amphibious vehicle manufacturer. Their mission is to "create Quack-tastic℠ memories worth repeating" by offering our guests an entertainment sightseeing experience that is fun, informative and engaging. Their fleet exceeds 90 vehicles and carries over 1,200,000 guests each year around the United States. HFE must still own a sizable interest then, because they are still considered a company asset.
beatle11 Posted October 1, 2013 Posted October 1, 2013 I saw them once quite some years ago now. They do come by every so often. Not sure what Herschend has in mind but I'm definitely interested to see where this goes.
Jew Posted October 2, 2013 Posted October 2, 2013 They do pretty good business at Staples Center, Honda Center, and Citizens Bank Arena out here in so cal too. But all I think of when I think of the Harlem Globetrotters is Meadowlark Lemon being the focal point of a Pinky and the Brain episode!
Jackdude101 Posted October 4, 2013 Posted October 4, 2013 Globetrotter Park -Indoor basketball-themed amusement park -Spinning roller coaster with train cars themed to look like basketballs -Drop tower ride that goes through a giant basketball hoop What else should it have and where should it be located?
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