Silverwood Theme Park will be sold to Atlanta-based Herschend Family Entertainment Corp. for an undisclosed amount, the companies announced Nov. 12.

Silverwood Inc. and Herschend have signed an exclusive term sheet and begun the due diligence process as the two parties work toward finalizing the transaction.

The agreed upon acquisition comes several years after Silverwood founder and owner Gary Norton turned down an offer from Herschend to buy the park.

“A couple of years ago I got an insane offer,” Norton told the Journal in 2023. “(Herschend) thought we had the best park they had seen, so they wanted it and were willing to pay premium price.”

Norton, whose family has operated Silverwood since it opened in 1988, contemplated Herschend’s bid at the time, he told the Journal, but decided the offer wasn’t a good enough reason to leave the North Idaho theme and water park behind.

Herschend operates over 40 family entertainment brands across North America, including Dollywood Parks & Resorts, Silver Dollar City Parks & Resorts, the Harlem Globetrotters, and more.

“Silverwood has been our family’s life’s work for more than three decades,” says Paul Norton, Gary Norton’s son and Silverwood’s chief operating officer, in a press release. “When the time came to pass the torch, Herschend was the only choice. They share our values, our long-term approach, and our belief that parks like this are built by people with heart.”

Silverwood is located on over 400 acres in Athol at 27843 U.S. 95. The park is home to more than 70 rides and attractions, including Boulder Beach water park.

“This is more than a business transaction — it’s the continuation of a legacy,” says Andrew Wexler, CEO of Herschend, in the release. “We are honored that the Norton family has trusted us to carry their vision forward and excited to welcome the Silverwood hosts and guests to Herschend.”

As of 2023, Silverwood employs 120 workers and ramps up to 1,600 seasonal employees.

Herschend's purchase of Silverwood follows the completion of a $15 million, 4-acre expansion of Boulder Beach, dubbed Emerald Forest, in 2024. The addition expanded Boulder Beach by about 30%.

Earlier this month, the Journal reported on new lodging accommodations underway across U.S. 95 from the theme park.

Construction crews are building 18 luxury cabins — the second phase of a $13.5 million development called BumbleBee Travel Center. The first phase of the development, which isn’t affiliated with Silverwood or the Norton family, was completed in the spring and includes a convenience store, a gas station, and the shell of a restaurant that is yet to be leased.

The project’s developer, Kelvin Shin, plans to build an additional 25 cabins beginning in 2027.

This story was originally published by the Spokane Journal of Business.