Strong Company, Well-Positioned to Serve Guests Across the U.S.
Appoints Industry Veteran Tim Murphy as Chief Executive Officer
IRVINE, Calif., June 8, 2020 /PRNewswire/ -- APX Operating Company, LLC ("APX" or the "Company") announced today that it has successfully completed the acquisition of certain amusement parks and family entertainment centers across the U.S. from Apex Parks Group, LLC. The Company is well-positioned to serve guests and communities, supported by a well-capitalized balance sheet, a new and experienced leadership team, and enhanced operational flexibility.
In connection with the transaction, APX has appointed Tim Murphy as Chief Executive Officer and Kevin Littlejohn as Chief Financial Officer with immediate effect.
Mr. Murphy is an industry veteran with over 30 years of leadership experience in the entertainment and hospitality sectors. He has served on the executive teams and Boards of numerous brands, improving the performance of restaurants, hospitality businesses, and entertainment providers. Notable experience includes serving as: Chief Executive Officer, President and Chief Financial Officer of Rebounderz Family Entertainment Centers; and Board Member of Coney Parks, Happy City, and Yu Kids in Latin America. Previously, Mr. Murphy was Chief Operating Officer and Chief Financial Officer for 23 Jimmy John's restaurants in Chicago held by a private equity firm, the Chief Financial Officer of 153 Sonny's BBQ restaurants, and Chief Financial Officer of Specialty Restaurant Development – the developer of 15 Applebee's, four Green Hills Grilles and three Ray's on the River restaurants. He started his career in the finance division of Walt Disney World and Darden Restaurants in Florida.
Mr. Littlejohn has over 35 years of finance and operating experience across a range of industries. He most recently served as Chief Financial Officer of Guardia, LLC, and was previously the Chief Financial Officer of Esquire Deposition Solutions. Earlier in his career, Mr. Littlejohn was the Chief Financial Officer of Polaris Partners, a Boston-based investment firm focused on businesses in healthcare and technology.
"We are well-positioned to invest in and grow our business for years to come," commented Mr. Murphy. "I look forward to hitting the ground running as my new colleagues and I work to provide outstanding experiences for our guests, with a focus on ensuring the health and safety of our guests, team members, and the communities in which we operate. APX has a bright future ahead and our team is excited to welcome families and friends to our premier entertainment parks."
APX will operate certain family entertainment centers and water parks formerly owned by Apex Parks Group, LLC, including Boomers! Livermore, Boomers! Santa Maria, Boomers! Modesto, Boomers! Irvine, SpeedZone Los Angeles, Sahara Sam's Oasis, Big Kahuna's Water & Adventure Park, and Boomers! Boca Raton.
Most of the eight APX locations remain temporarily closed in accordance with government regulations in response to the COVID-19 pandemic. However, Big Kahuna's Water & Adventure Park in Destin, Florida reopened on June 4, 2020. The Company's management team is working diligently to prepare to open all other locations, as stay-at-home measures are gradually lifted, with safety as its top priority. APX is coordinating closely with local officials in the areas in which it operates to ensure compliance with social distancing and other health and safety requirements, and expects to communicate with guests over the coming weeks as it enters the summer season.
APX is a privately held company with six family entertainment centers and two water parks located in California, Florida, and New Jersey. APX provides best-in-class out-of-home entertainment assets operated with a commitment to excellence, to the communities they serve, and to delivering value that exceeds expectations. For more information, please visit www.apexparksgroup.com.
Debbie Evans for APX
David Millar/Akash Lodh
Sard Verbinnen & Co.