Great Wolf Resorts has announced it has entered into an agreement to be acquired by a private equity firm.

The Madison, Wis.-based company has been purchased by an affiliate of the private equity firm of Centerbridge Partners, according to a press release.

The deal, which was unanimously approved by the Great Wolf board of directors,  is expected to be finalized sometime in the second quarter of 2015.

"This is an exciting next chapter for Great Wolf Resorts. During our partnership with Apollo we saw tremendous growth for our Company," said Great Wold CEO Kimberly K. Schaefer. "Now as we join Centerbridge's portfolio, we look forward to continuing to provide families with amazing experiences at each of our lodges."

Great Wolf opened its first waterpark resort in Wisconsin Dells in 1997 and now operates 12 resorts in the United States, with a thirteenth under construction in Garden Grove, Calif. Read More