An Ohio-based company reached an agreement to buy Knott's Berry Farm, the family-run theme park that evolved from a fried chicken restaurant into a $120 million-per-year attraction.
Knott's will be acquired for an undisclosed amount of stock and cash by Cedar Fair L.P. of Sandusky, Ohio, the operator of four Mdwestern amusement parks, the companies said Tuesday.The deal will make the Knott family the largest single partner in Cedar Fair, although it will not hold a majority interest, said Terry Hackett, the family's attorney.
"We call it more of a combination or merger of the two," Hackett said.
The Knott family said last month that it was looking for an investment partner to raise capital for improvements to the park in suburban Buena Park, about eight miles from Disneyland.
"Knott's Berry Farm stays Knott's Berry Farm, business as usual," Hackett said.
Knott's Berry Farm draws about 3.5 million visitors each year.
Theme parks owned by Cedar Fair include Cedar Point, between Cleveland and Toledo; Valleyfair near Minneapolis; Dorney Park & Wildwater Kingdom, near Allentown, Pa., Worlds of Fun and Oceans of Fun, in Kansas City, Mo.
The Knott family has owned Knott's Berry Farm since 1920.