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MidOcean Partners Completes the Acquisition of Palace Entertainment

New York, NY, April 12. 2006 - MidOcean Partners. a New York and London-based private investment firm, announced today that it has completed the previously announced acquisition of Palace Entertainment from an investor group led by Windward Capital. Terms of the transaction were not disclosed.

Palace Entertainment, the largest operator of water parks and family entertainment centers in the United States owns and manages a geographically-diverse portfolio of 32 family-oriented parks in eight states, operating under established brand names such as Boomers, Malibu Grand Prix, Mountasia, Raging Waters, SpeedZone, Splish Splash, Silver Springs, Big Kahuna‘s and Wet ‘N Wild.

Tyler Zachem, a Managing Director at MidOcean Partners, said, “Palace Entertainment is a premier property in the attractive family entertainment sector. “Our Management Affiliate, John Cora, who has significant experience in the family entertainment sector, has joined Palace as President and CEO. His addition to Palace’s talented management team and dedicated employee base combined with MidOcean’s experience in the leisure/entertainment category will allow us to successfully grow the business to the next level.”

Mr. Cora said, “We are excited to work with the Palace team. We remain committed to delivering family-friendly experiences and facilitating memories that our Guests will treasure for years to come.”

Larry Cochran, former Chairman of Six Flags, Inc. and former Chairman of the International Association of Amusement Parks and Attractions (IAAPA). has stepped down as Palace’s CEO but he will continue to serve the Company in an advisory capacity.

Mr. Cora said, “We are indebted to Larry for the positive momentum, focus on guest experience and dedicated team that he has established since joining Palace in 2004. We look forward to his continued counsel and support.”

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. 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.

About Windward Capital
Windward Capital is a privately owned investment firm that seeks to make private equity investments primarily in lower middle market companies with enterprise values between $50 million and $250 million across diverse industries. The New York-based firm has invested more than $750 million of equity over the past ten years. Windward Capital‘s success lies in recognizing the importance at building partnerships with management to provide strategic and financial assistance that creates value and ultimately transforms their portfolio companies.

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