Wild Waves Theme Park ownership overview
Wild Waves Theme Park & Water Park is a family-oriented destination in Federal Way, Washington, currently owned by private equity firm EPR Properties through its operating partnership with Horizon Family Holdings, which manages the park under a long-term lease from the City of Federal Way. The property has remained a consistent regional attraction since opening in 1978, with ownership evolving from local operators to institutional investors while preserving its role as an affordable, community-focused park. Below is a verified ownership timeline and key details relevant to partners, visitors, and researchers.
Key ownership milestones at a glance
| Date or Period | Event | Why it matters |
|---|---|---|
| 1978 | Wild Waves opens as Magic Mountain | Establishes the park as a local landmark in Federal Way, Washington |
| 1993 | Sale to Kennywood Entertainment Company | Brings experienced regional operator ownership and operational stability |
| 2007 | Kennywood Entertainment acquired by Parques Reunidos | |
| 2011 | Parques Reunidos sells Wild Waves to EPR Properties | Transfers ownership to a U.S. private equity firm specializing in family entertainment and education assets |
| 2017 | EPR Properties creates Horizon Family Holdings to manage Wild Waves | Establishes a dedicated operating partnership to manage the park under long-term lease with the City of Federal Way |
Current owner and corporate structure
Today, Wild Waves operates under a long-term lease and management agreement with the City of Federal Way. The operating entity, Horizon Family Holdings, is a partnership structured by EPR Properties, a Knoxville-based private equity firm focused on investing in essential consumer services. This structure separates ownership of the land and infrastructure from day-to-day operations, while EPR Properties maintains controlling equity interest. The public status of the operating company is limited; there is no active trading of ownership shares tied to Wild Waves itself, and other parks under EPR remain separately managed within its portfolio.
Prior ownership transitions and operational continuity
The park transitioned from local ownership to national and regional operators while maintaining its core identity as an accessible family destination. Under Kennywood Entertainment, Wild Waves benefited from broader operational resources and shared branding with other Kennywood properties, later extended under Parques Reunidos. When EPR Properties acquired the asset in 2011, the focus shifted toward stable, long-term management aligned with EPR’s strategy in community-centric sectors. Since 2017, Horizon Family Holdings has managed the park under a lease with the City of Federal Way, ensuring continued public accountability for the site’s operation.
What this means for visitors, employees, and partners
- Consistent guest experience: Ownership changes have generally preserved the park’s family-friendly focus, ride offerings, and seasonal programming
- Employment stability: Long-term lease and management arrangements support reliable operations and workforce planning
- Community relationship: The park continues its long-standing presence in Federal Way under city oversight and local engagement
Common questions about Wild Waves ownership
- Is Wild Waves municipally owned? No, the park is privately owned through EPR Properties and operated via a long-term lease with the City of Federal Way
- Has the ownership changed recently? Ownership and operating structure have been stable since 2017, with Horizon Family Holdings managing the park under lease
- Are other parks owned by the same entity? Yes, EPR Properties owns or operates several family-focused parks and attractions across the United States through various operating partnerships
- Does the city own the land? The City of Federal Way owns the land and leases it to the operating company; this separation clarifies public oversight and long-term site use
Regional context and related parks
Wild Waves is one of several regional parks in the Pacific Northwest owned by entities connected to EPR Properties. Its positioning within a broader portfolio allows for shared best practices in operations, safety, and guest services. Because EPR specializes in essential consumer and education assets, Wild Waves benefits from corporate-level governance and investment focused on long-term sustainability rather than short-term repositioning.
Future outlook and stability factors
As long as the long-term lease with the City of Federal Way remains in force and attendance supports the business model, Wild Waves is expected to continue under current ownership and operating structure. Potential changes would typically involve municipal decisions about land use or major shifts in the parent company’s portfolio strategy, both of which would be publicly communicated through official channels.