Animal Paradise sells for $2M

Tony and Lisa Ann Oddo of Oak Oak Inc. sold the ride-along wild animal park for $2 million March 6 to Santa Monica, Calif.-based Great American Family Parks Inc. (OTC BB: GFAM.OB), according to Great American Family Parks President and Chief Operating Officer Dale Van Voorhis. The sale included the 250-acre park, about 250 animals, Go Kart speedway, petting zoo, gift shop and food stand.

Great American Family Parks operates a similar park – Wild Animal Safari – near Atlanta and plans to bring Animal Paradise under that park’s management, Van Voorhis said.

Animals from the Georgia park will be transferred to Strafford, and Van Voorhis said Animal Paradise should have about 800 animals by early summer. Other changes will include a second tram for guided tours, more pens for the new animals and, eventually, the option for visitors to rent vehicles for park tours. Visitors currently use their own vehicles.

“You’ll start noticing right from the highway a lot of cleanup, fix-up, repainting, re-roofing improvements,” Van Voorhis said. “We’ve only owned this for a little over a week now, so we’re going to scramble to get things done.”

The company appointed Division President Jim Meikle over Animal Paradise, which opened for the season in March; its season runs through December. Mike and Bebe Miller are transferring from the Georgia park to work as Animal Paradise’s general manager and head animal handler, respectively.

The acquisition is expected to add nearly $2.5 million in total assets to Great American Family Parks, according to a company news release. In its first full year under new management, Animal Paradise is expected to generate more than $1 million in revenues, and that’s anticipated to reach $2.5 million annually by 2012, according to the release.

Animal Paradise previously was known as Exotic Animal Paradise under owners Ron and Linda Armitage, who sold to the Oddos in June 2006.

Great American Family Parks shares closed March 18 at 9 cents.

This story originally appeared in SBJ’s March 17 free e-news Daily Update. Click here to register.[[In-content Ad]]