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Private Equity Fund Of Funds Publicly traded limited partnership Cedar Fair (FUN) will acquire the Paramount Parks business of CBS Corp (CBS) for approximately $1.25 billion. The five parks involved in the deal are located near Cincinnati (OH), Richmond (VA), Charlotte (NC), Santa Clara (CA), and Toronto.

by Dave Porter A syndicate of seven private equity investment banking firms have agreed to buy SunGard Data Systems for $11.3 billion, the largest buyout of a public company since 1989. If you would like to receive late breaking business news covered by AXcess News then you need to subscribe. Membership is free. Print This Page March 28, 2005 (AXcess News) A syndicate of seven private equity investment banking firms have agreed to buy SunGard Data Systems ( SDS) for $11.3 billion, the largest buyout of a public company since 1989.

Curve Equity Exposed Fund Cedar Fair already operates seven amusement parks and five water parks, including the company's flagship Cedar Point property on Lake Erie. The company intends to keep all five properties. The deal will be financed by a $2 billion loan from Bear Stearns (BSC). The interest rate charged will be determined once Cedar Fair's debt has been rated.

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Equity Income Funds The acquisition is quite large relative to the size of Cedar Fair's existing business. Cedar Fair generated $569 million in revenues during 2005. During the same time period, the Paramount Parks properties generated $423 million in revenues.

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Capital Casebook Equity In addition to the five parks, Cedar Fair will receive Star Trek: The Experience (at the Las Vegas Hilton) and the Nickelodeon license at the five Paramount Parks.

Paramount to the new software is the enhancement of the shipping and payment solutions, which are outlined below, " says Higgins.

Private Investment In Public The Paramount Parks properties encompass about 1,250 owned acres and 180 leased acres. Based on past attendance, the five acquired properties will likely be some of the most visited parks in the new Cedar Fair portfolio. However, none of the new properties is likely to eclipse Cedar Fair's two most visited properties: Cedar Point and Knott's Berry Farm.

An exemption limit applies to any equity you have in property and limits the amount of equity that is exempt. Equity is the difference between the fair market value of the property and the unpaid balance on the property. For example, a home valued at $500, 000 with a loan of $450, 000 has an equity value of $50, 000. If the state¯ homestead exemption is $50, 000 or greater, the debtor would be exempt from liquidating the $50, 000 equity in the home to pay off the debts.

Equity Mutual Funds By far the two largest parks being acquired are Canada's Wonderland (located near Toronto) and Kings Island (located near Cincinnati).

Birmingham Contact Equity Cedar Fair's chairman Dick Kinzel said:

Private Equity Investment Firm "This acquisition will provide exciting new growth opportunities and the potential for meaningful incremental free cash flow as we realize $20-$30 million in annual cash flow synergies over the next 3-5 years. It will also add significant geographic diversity to our portfolio of parks and improve our position as one of the largest regional amusement park operators in the world."

Complying Deal Equity Funds The acquisition will require significant debt financing. However, the amusement park business generally has a very high free cash flow margin. Cedar Fair's existing properties are excellent generators of free cash flow. The company makes large cash distributions to unitholders; the current yield is somewhere around 6.85% (reminder: Cedar Fair is a Limited Partnership). Returns on both assets and equity have generally been quite high.

Equity Msn Private Wyoming The deal is expected to close in the third quarter of 2006. Most analysts believe CBS will use the roughly $1 billion in after-tax proceeds to buy back shares.

American Equity Investment Over the last ten years, Cedar Fair has compounded its book value per share at an annual rate of 8.11% and earnings per share at an annual rate of 6.30%.

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Equity Private Team Wyoming Geoff Gannon writes a daily value investing blog and produces a twice weekly (half hour) value investing podcast at:
http://www.gannononinvesting.com

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