Santa Monica Amusements LLC, the operating group of Pacific Park on the Santa Monica Pier, on Thursday, announced it had been sold to an investment firm called SC Holdings.
The firm plans to invest more than $10 million in Pacific Park over the next five years, specifically into the park's food and entertainment attractions and general operations, the Santa Monica Daily Press reported, citing a statement from Pacific Park.
"Having SC as owners and investors in Pacific Park is a milestone moment," Pacific Park Vice President Jeff Klocke said. "The Pier is a treasured part of Santa Monica, and a place where both tourists and Angelenos come for fun and relaxation. SC's investment and resources will help us expand what makes Pacific Park great today and write its next exciting chapter."
In addition to the investment, SC Holdings will also bring in Lars Liebst to the advisory board for Pacific Park. Liebst is a known heavyweight in the theme park industry, having served 24 years as the CEO of Tivoli Gardens, the world's second-oldest amusement park, located in Denmark.
Former Shake Shack CEO David Swinghamer will also be joining the advisory board to consult on consumer food and beverages.
Who Bought Pacific Park on Santa Monica Pier?
SC Holdings has an extensive history of working in the consumer, entertainment, and hospitality sectors. The firm primarily operates in the entertainment and sports sphere and is an investor in Springhill, an entertainment company owned by LeBron James and Maverick Carter. It had also invested in chef James Kent's Saga Hospitality Group, which oversees multiple Michelin Star Restaurants.
"SC Holdings' purchase and planned improvements for Pacific Park reinforce the confidence we are seeing in Santa Monica's future," Santa Monica City Manager David White said. "Santa Monica continues to be a destination for travelers and locals alike and remains a thriving place to do business. I look forward to continued progress ahead for our city and the beloved, iconic Santa Monica Pier."
Despite the sale, Pacific Park's Vice President and General Manager Jeff Klocke said he and his management team will continue to oversee the attraction's day-to-day operations.
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