ATHOL, Idaho — Herschend Family Entertainment Corporation (Herschend) and Silverwood, Inc. (Silverwood) announced on Wednesday that they signed an "exclusive term sheet" for Herschend to acquire Silverwood.

"Silverwood has been our family’s life’s work for more than three decades," said Silverwood’s Chief Operating Officer, Paul Norton. "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 was founded in 1988 by Gary Norton. Silverwood has been operated by the Norton family for three generations.

Herschend operates more than 40 family entertainment brands across North America, such as Dollywood Parks & Resorts, Silver Dollar City Parks & Resorts

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