A statement from the company reads in part, 'It is now time for the company to enter a new and brighter stage of development and growth.'

NEW BRAUNFELS, Texas — The iconic water park that promises 'the hottest, coolest time in Texas' will be under new ownership.

In a statement from Schlitterbahn, the company acknowledged that it was time to "enter a new and brighter stage of development and growth."

Cedar Fair, a dynamic, brand-oriented company, has purchased both the New Braunfels and Galveston Schlitterbahn parks, along with the New Braunfels resort property.

Schlitterbahn was previously owned by the Henry Family, who, on the edge of the Texas Hill Country, began creating what would become the "world's first water resort and the nation's most popular summertime waterpark" in 1966.

The Schlitterbahn New Braunfels Waterpark has been rated the #1 Waterpark in the World for 20 consecutive years.

The South Padre waterpark and resort will be owned by one of the Henry families and will ultimately be re-branded, according to the company's statement.