NORWALK, Conn.--(BUSINESS WIRE)--March 3, 2005--GE Commercial Finance announced it has arranged $28 million in financing for Cypress Gardens Adventure Park. The funding was provided for industry entrepreneur Ken Buescher, who was the driving force behind the recent renovation and reopening. Mr. Buescher's dream to revive the long dormant Cypress Gardens, combined with GE Commercial Finance's expertise, has restored the grandeur of Florida's oldest theme park.
The funding was arranged by GE Commercial Finance's Sports & Entertainment Group, which provides financing to specialized markets including sports, theme parks, ski resorts, the film industry, and other entertainment sectors. Working with Mr. Buescher through three hurricanes that greatly hindered renovations, GE Commercial Finance helped Mr. Buescher realize his dream.
"GE Commercial Finance understood our concept almost immediately. They agreed that the market was ripe for a regional theme park," said Buescher. The previous year, GE Commercial Finance also provided $23 million to refinance Wild Adventures Theme Park, Buescher's highly successful theme park in Valdosta, Ga.
Opened in 1936, Cypress Gardens is one of America's first theme parks and has enjoyed success for decades. In 2003, faced with aging equipment, increased competition and reduced tourism, Cypress Gardens was forced to close. Since Mr. Buescher acquired Cypress Gardens with financing from GE Commercial Finance, the park is averaging more than 5,000 guests a day after its grand reopening in December. Cypress Gardens now boasts 38 new rides, which appeal to guests of all ages, as well as live concerts, water ski shows, renovated botanical gardens and facilities, and cheaper ticket prices than competing theme parks.
"GE Commercial Finance is committed to providing customized financing solutions to help the theme park industry meet their unique needs," said Ralph Willis, Managing Director of GE Commercial Finance's Sports & Entertainment Group. "We are very proud to be involved in a historic endeavor such as the reopening of Cypress Gardens and are optimistic that the new park will have a positive impact on the local community by creating new jobs and increasing tourism."
About GE Commercial Finance's Sports & Entertainment Group
Backed by the global resources of GE, including NBC Universal, GE Commercial Finance's Sports & Entertainment Group provides financing to specialized markets including sports, theme parks, ski resorts, the film industry, and other entertainment sectors. Offering products designed to help recapitalize balance sheets, finance equipment or address other financing needs, GE Commercial Finance's Sports & Entertainment Group is committed to designing customized solutions to meet customer demand.
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over US$230 billion and is headquartered in Stamford, Conn., USA. General Electric (NYSE:GE) is a diversified technology, media and financial services company dedicated to creating products that make life better.
Contacts
GE Commercial Finance, Norwalk, Conn.
Ellen Mann, 203-229-1915
[email protected]
or
Tag Team Global, Memphis
Steve Gibbs, 901-753-3405
[email protected]
or
Wild Adventures/Cypress Gardens
Sara Sumner, 229-219-7114
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340