Alabama Adventure sold to Oklahoma company

Alabama Adventure has been sold to an Oklahoma company owned by former Six Flags executives.

Adrenaline Family Entertainment Inc. bought Alabama Adventure, formerly VisionLand, from Southland Entertainment LLC, which acquired it out of bankruptcy for $5.25 million in 2003.

The purchase price was not disclosed.

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Adrenaline CEO Hue Eichelberger said the acquisition of Alabama Adventure - the company's second park purchase this year - was based on "the quality of the park, the impressive turnaround under the seller's ownership, the strength of the greater Birmingham market and the potential for significant growth."

According to Alabama Adventure spokesman Brian McDuff, Southland Entertainment LLC invested $20 million for new rides and attractions at the park, which made it more attractive to buyers. After the sale, Southland will turn its attention and resources to the development of the adjacent 157-acre parcel for which preliminary development plans include a hotel/indoor waterpark project, a possible RV park project and other commercial and retail development, a news release said.

Southland President Kent Lemasters said the decision to sell the park was "based not only on our desire to develop the real estate around the park, but it was also important for us to sell to someone who has the resources and experience to expand the park."

Edmond, Okla.-based Adrenaline is majority owned by Angelo Gordon & Co., an alternative investment management firm with more than $18 billion of assets under management. CEO Eichelberger was previously an executive vice president at Six Flags responsible for overseeing that company's operations in the eastern half of North America.

The company didn't say whether any changes would be made at Alabama Adventure. It is still open weekends and is scheduled to will begin full-time operation May 22.