NEW YORK, August 24 /PRNewswire/ --

- Global Operator of Amusement Parks To Enter U.S. Market With
Acquisition of Leading Operator of U.S. Water Parks and Family Entertainment
Centers

MidOcean Partners ("MidOcean"), a private equity firm with offices in New
York and London, announced today that it has signed a definitive agreement to
sell Palace Entertainment, the largest owner and operator of water parks and
family entertainment centers in the U.S., to Parques Reunidos, one of
Europe's leading operators of attraction parks. The transaction is valued at
approximately US$330 million plus cash and less net debt as of July 31, 2007.

Palace Entertainment is the largest operator of water parks and family
entertainment centers in the U.S., with 33 parks and over 10 million visitors
annually. Palace Entertainment waterparks include; Wet 'N Wild in Greensboro
NC, Raging Waters in San Dimas, San Jose and Sacramento, CA, Splish Splash in
Riverhead NY, Big Kahuna's in Destin FL, Water Country in Portsmouth NH,
Mountain Creek in Vernon NJ and Wild Waters in Ocala FL. Palace Entertainment
also owns Boomers, Castle Park, Silver Springs, Malibu Grand Prix, Mountasia,
and Speedzone family entertainment centers in CA, TX, FL, GA, and NY.
MidOcean acquired Palace Entertainment in 2006.

"We are pleased with the progress that we have made at Palace
Entertainment during our ownership. With our prior experience investing in
the leisure sector, we were able to bring significant management resources to
Palace and have grown the business both organically and through acquisition.
We have built Palace into a leader in its industry and a great platform which
will facilitate Parques Reunidos's entry into the U.S. leisure market," said
Tyler Zachem, Managing Director of MidOcean.

Al Weber, the CEO of Palace Entertainment, said, "Palace Entertainment 
has benefited from a strong partnership with the MidOcean team and we are 
proud of what we have achieved together. We believe that Palace is well 
positioned to continue to be a leader in the United States leisure-park 
industry and is well positioned to become an important asset in Parques 
Reunidos's portfolio. We are looking forward to working with Richard Golding 
and the Parques Reunidos team to leverage their international expertise as we 
continue to provide guests with a high-quality and value-oriented place to 
escape, have fun, and create memories together."

Parques Reunidos operates 28 separate parks, including amusement parks,
animal parks, and water parks, across 8 countries. More than 12 million
visitors are attracted annually to its amusement parks. Its holdings include
the flagship Parque de Atracciones and the Zoo Aquarium (both in Madrid).

According to Richard Golding, the CEO of Parques Reunidos, "Palace
Entertainment operates many well-known and highly-attended water parks and
family entertainment centers, and we are pleased to enter the U.S. market
with this acquisition. The acquisition of Palace Entertainment represents a
major step in Parques Reunidos's strategy of becoming a leading player in the
global leisure parks market, and the combined group will provide an even
stronger platform for continued growth. We look forward to working with the
Palace team to continue to develop these family-friendly attractions and
market them to an even broader group of visitors."

The transaction is subject to customary regulatory approvals and expected
to close in the third quarter of 2007. The Royal Bank of Scotland provided
committed financing for the transaction. Morrison Cohen served as legal
counsel to MidOcean Partners and Clifford Chance provided legal counsel to
Parques Reunidos.

About MidOcean Partners

MidOcean Partners is a premier private equity firm focused on the middle
market. Based in New York and London, MidOcean is committed to investing in
high quality companies with stable market positions and multiple
opportunities for growth in the United States and Europe. Targeted sectors
include consumer and leisure, media and communications, business and
financial services and industrials. MidOcean utilizes a broad foundation of
expertise in its focus industries and its transatlantic platform to create
value for its investors and partners. For more information, visit
www.midoceanpartners.com.

About Parques Reunidos

Parques Reunidos is the second largest European operator of Leisure Parks
and the seventh in the world with 28 parks in 8 countries and 12 million
visitors per year. The head office is located in Madrid, Spain and the group
is majority owned by Candover, a leading European buyout specialist. For more
information visit www.parquesreunidos.com or www.candover.com.

Web site: http://www.midoceanpartners.com
              http://www.parquesreunidos.com
              http://www.candover.com