Lightwater Valley has been aquired by the Brighton Pier Group (BPG) in a deal worth up to £5 million.
A press release issued on Thursday afternoon said that the deal will see an initial payment of £4 million in cash on completion, with further payments of up to £1 million for the company’s entire share allocation.
The BPG owns and operates Brighton Palace Pier, as well as a number of bars and indoor mini golf sites across the United Kingdom.
Lightwater Valley began its tenure as a modern theme park in 1987, and became known for adding various custom-designed rides including the Rat Ride and Ultimate rollercoasters.
The closure of both of those rides was announced this year, as the park decided to consolidate its efforts on the family market.
The Ultimate has remains at the park, but has not operated since 2019. The rollercoaster within Raptor Attack has been removed and reportedly relocated to the United States.
Anne Ackord, chief executive of the BPG said: “I am delighted to welcome all the team at Lightwater Valley to the Brighton Pier Group.
“I believe that, together, we can develop Lightwater Valley into the premier amusement destination across Yorkshire and the surrounding areas.
“This acquisition continues the company’s development as a consolidator within the leisure industry, and we are excited to explore further growth opportunities as they arise.
“I believe our businesses are ideally suited to take advantage of the pent-up demand as the UK unlocks its restrictions.
“The booming ‘staycation’ market is going to significantly grow UK tourism over the coming months as international travel restrictions remain in place, this provides a great opportunity over the summer for all the Group’s operations.”
The BPG board said it believed that the extensive space at Lightwater Valley provided a “long term growth opportunity”. to develop and expand the North Yorkshire theme park.