ATHOL, Idaho — Silverwood Theme Park will be acquired by Georgia-based Herschend Family Entertainment Corporation, the park announced in a press release Wednesday.

The two parties have signed an "exclusive term sheet," which outlines the terms and conditions of a potential business agreement.

Herschend is the world’s largest family-held themed attractions company with 49 North American properties in its portfolio, including destinations such as Dollywood Parks and Resorts, Silver Dollar City Parks and Resorts, and the Harlem Globetrotters.

Herschend CEO Andrew Wexler called the acquisition “a continuation of a legacy.”

“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,” Wexler said.

Founded in 1988 by Gary Norton, Silverwood has been operated by three generations of the Norton family for over 35 years.

The 400-acre park houses more than 70 rides and attractions, including Boulder Beach Water Park, and attracts hundreds of thousands of visitors each year. It is the largest theme and water park in the Pacific Northwest.

Herschend initially approached Norton about purchasing Silverwood four years ago, The Press reported in 2021.

At the time, Norton emphasized that they had “no intention of selling,” but did allude to collaborating with Herschend to help enhance one another’s operations.

"Silverwood has been our family’s life’s work for more than three decades," said Paul Norton, Silverwood’s chief operating officer. "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."

Vicky Richardson, a Silverwood Theme Park employee of over 12 years, said she was “shocked” to hear Silverwood was being sold.

“All the (Norton) kids have jobs at Silverwood,” she said. “And a lot of the other people that work there have been there since the beginning.”

Silverwood has a workforce of over 1,200 employees during the summer, according to a June 25 article published by Inlander. Employees aged 16 and older start with a minimum $16 hourly pay.

Silverwood is known for its philanthropy. It recently donated more than $38,000 to food banks through a ticket sales campaign, continuing a track record of charitable giving that includes over $1 million in cumulative donations to Canopy Village.

Silverwood is also known for its popular Scarywood Haunted Nights, which has brought tens of thousands of thrill seekers through "scare zones" and haunted walkthroughs for 16 seasons.

It is not yet clear whether any restructuring will take place upon the acquisition.

Herschend declined a request for additional comment Wednesday, stating that the press release reflected their “full statement” at this time.

Silverwood issued an additional statement to social media, calling the acquisition “a new chapter.”

“This wasn’t a decision made lightly, but one made with confidence, gratitude, and love,” the statement read. “We believe Herschend is the right steward to carry forward everything that makes Silverwood special.”

The news received mixed reactions throughout the Inland Northwest.

“I think this will be good for Silverwood,” said Hayden resident Erin Elisabeth. “They are a great family (that’s) taking over. I bet it will only improve.”

Several people took to social media to voice concern over whether entry fees and other costs will increase following the acquisition.

“(It’ll) improve and then cost twice as much,” said Spokane resident Nicole Brynn. “It’s already barely affordable for most people.”

While it is unclear what changes will come with the acquisition, Silverwood emphasized that “(they’re) not going anywhere.”

“We’re growing in a way that honors where we’ve been and builds toward an even brighter future,” the statement read.

The parties have begun the due diligence process and are working toward finalizing the transaction. The total dollar amount associated with the acquisition has not been made public.