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Busch Gardens being sold to Blackstone Group

Staff file photo (2007)

The floorless Sheikra roller-coaster at Busch Gardens is one of the main attractions.

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By TED JACKOVICS | The Tampa Tribune

Published: October 7, 2009

Updated: 10/07/2009 03:04 pm

Anheuser-Busch InBev says it will sell its 10 theme parks including Busch Gardens in Tampa Bay and SeaWorld to Blackstone Group for $2.7 billion, the companies announced this morning in a joint statement.

Blackstone owns 50 percent of Universal Orlando in addition to Merlin Entertainments Group, which operates the Legoland theme parks in California and Europe and the Madame Tussauds Wax Museums.

With Blackstone's business experience in the entertainment industry, analysts expect that operations at the Busch theme parks are likely to proceed with little change noticeable to guests.

"We have long admired the Busch Entertainment Corp. parks," said Joseph Baratta, senior managing director of The Blackstone Group of Orlando –based Busch Entertainment which employs 25,000 nationwide.

Busch Gardens Tampa Bay employs 1,010 salaried and hourly personnel, and 1,555 part-time workers. In addition Busch Gardens Tampa Bay employs 900 more part-time workers for its annual Howl-O-Scream event.

It is expected that Blackstone management will retain Busch's management, lineup and the Busch name, which have contributed to making Busch Entertainment a financial success even through the recession.

Blackstone said it had "long admired" the theme parks and planned to invest in and grow the company.

"We are delighted to be investing in a company with such iconic brands, irreplaceable assets and strong growth prospects," senior managing director Michael Chae said in a statement.

The long-anticipated sale by the Belgian brewer In-Bev is in line with its efforts to reduce debt burden after InBev last year took over Anheuser-Busch for $52 billion.

Blackstone will pay $2.3 billion in cash and give AB InBev the right to participate in Blackstone's return on its initial investment, an amount that is capped at $400 million.

Busch Entertainment chief executive Jim Atcheson, a University of South Florida alumnus, told The Associated Press his company looks forward to growing the business under its new owners.

The sale of Busch Entertainment appears to be the largest private-equity buyout this year, portending improvement in the worldwide financial picture.

Reporter Ted Jackovics can be reached at (813) 259-7817.

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