Atlanta-based private equity firm Source Capital LLC acquired Horizon Family Holdings, the owner and operator of Hawaiian Falls water parks, the two companies announced May 15.
David Busch, the founder and CEO of Horizon Family Holdings, will stay on with his title, according to a statement.
"We are excited to expand our relationship with Hawaiian Falls and look forward to pursuing a number of initiatives with management to improve upon the 14-year operating history of Hawaiian Falls,” said Ben Emmons, partner at Source Capital.
Source Capital has been an investor in Horizon since December 2013, according to the release.
The Hawaiian Falls Water & Adventure Park in Pflugerville, as well as all other parks under the brand, will still open May 23, according to the release. The Pflugerville park is beginning its second year in operation. The Pflugerville park laid off 12 full-time employees in December after the winter season was more difficult than anticipated, according to a spokesperson at that time.
Updated 4:45 p.m.
Horizon Family Holdings CEO David Busch said Source Capital will provide the investment needed for the company to grow.
"We knew we wanted to continue to grow these parks at every opportunity," Busch said. "We knew additional investment would be necessary over time and that's what Source Capital brings to us."
Busch said that the acquisition will not affect the parks' day to day operations. He said their relationship with the city of Pflugerville will remain the same. Pflugerville Community Development Corp. Executive Director Floyd Akers said the same.
Busch said the acquisition was not related to the layoffs that occured in December. He said the layoffs would have had happened no matter who the majority shareholder was.
"That was a natural and normal occasion," he said. "It was painful, very painful, but we just couldn't support the additional staff with the new park."