Schlitterbahn Waterpark in New Braunfels and Galveston have been sold. Cedar Fair Entertainment Company announced that it has signed a definitive agreement to acquire the two iconic water parks a for a cash purchase price of $261 million, subject to certain working capital adjustments related to the timing of the closing.
“We are very excited about the opportunity to bring these two award-winning Texas water parks into the Cedar Fair family,” said Richard Zimmerman, Cedar Fair’s president and CEO. “These properties represent new markets for us with attractive demographics in the growing Central Texas region, and they align with our strategy to identify compelling opportunities to accelerate our growth and profitability. The investments we have made over the past five years to strengthen our back-of-house and customer-facing systems will support a smooth integration of these properties by ensuring a premium guest experience, strong team collaboration and superior execution.”
Zimmerman continued, “Schlitterbahn employees are known throughout the industry for their innovation and dedication to the quality of the guest experience. Because of their work, the water park located in New Braunfels has been recognized as the ‘Best Water Park in the World’ for 21 straight years, and Galveston has received recognition as the ‘Best Indoor Water Park in the World’ for a decade. We look forward to adding these parks to Cedar Fair’s industry-leading portfolio of regional entertainment resorts.”
Schlitterbahn released the following statement:
"For the past 50 years, the Schlitterbahn family has focused all its resources, talent, and energy into building Schlitterbahn Waterparks and Resorts into an iconic Texas brand.
It is now time for the company to enter a new and brighter stage of development and growth.
We have entered into an agreement with Cedar Fair to purchase our interest in both our New Braunfels and Galveston parks and our New Braunfels resort property. Our South Padre waterpark and resort will be owned by one of the Henry families and in time will be re-branded. Corpus Christi will remain a Diamond Beach property.
Cedar Fair is a dynamic, brand-oriented company. Under Cedar Fair’s leadership, the Schlitterbahn brand will have an opportunity to grow and expand like the early days when the sky was the limit. While it’s a difficult decision, after several challenging years, we believe that our team, communities, guests, and fans are going to enjoy what lies ahead. We believe Cedar Fair, with their approach to embracing parks that have a unique footprint, will be a phenomenal owner, and with the talented people that are the Schlitterbahn Family, will take Schlitterbahn Waterparks and Resorts to the next level of world-class family entertainment.
Rest assured, the future of Schlitterbahn Waterparks and Resorts is as bright as a July day in Texas. We will always be your hottest, coolest time in Texas!"
Cedar Fair operates 13 parks and resorts including Knott's Berry Farm in Buena Park, California and World's of Fun in Kansas City,
Photos Courtesy: Schlitterbahn