Blackstone Group Inc. has agreed to purchase a 65% controlling interest in waterpark operators Great Wolf Resorts.

Blackstone is buying the controlling interest share from Canterbridge Partners, Great Wolf Resorts’ current private equity owner. The two companies will form a new joint venture to own the company.

Great Wolf operates 18 waterpark resorts in the United States and Canada and is the largest operator of indoor waterparks in North America.

Speaking about the new partnership, Murray Hennessy, CEO of Great Wolf Resorts, said: “We are pleased to welcome Blackstone as a new member of the Great Wolf pack and excited to begin the next chapter for our rapidly expanding company.”

Hennessy added that Great Wolf is wanting to: “Further expand the Great Wolf brand with the development of new resorts and enhancements to our renowned immersive family experiences.”

Tyler Henritze, head of US Acquisitions for Blackstone Real Estate, shared his enthusiasm for the merger, stating: “We have been very impressed by the evolution and growth of the company under Centerbridge’s ownership.

“With the leadership of its talented management team, Great Wolf has enriched the guest experience and opened seven new lodges since 2015.

“We look forward to investing in these properties to further deliver for guests and grow the company,” Henritze continued.

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