(CBSDFW.COM) – Schlitterbahn Waterparks’ locations in New Braunfels, Texas and Galveston are being sold, the company announced Thursday morning.

The iconic Texas water parks will soon be purchased by Cedar Fair, which operates numerous amusement parks across the U.S. The two companies reached an agreement.

Schlitterbahn New Braunfels (Credit: Schlitterbahn Waterparks and Resorts)

“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,” Schlitterbahn officials said. “It is now time for the company to enter a new and brighter stage of development and growth.”

The announcement also said the South Padre location will still be owned by the company’s Henry family and will be re-branded. The Corpus Christi location remains a Diamond Beach property.

“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,” the company said.