MADISON, WI—Indoor waterpark operator Great Wolf Resorts, headquartered here, said Tuesday it's trading from Apollo Global Management LLC to Centerbridge Partners LLC. Great Wolf did not provide deal terms when announcing the secondary buyout Tuesday afternoon; Bloomberg Business and Reuters reported the deal was valued at about $1.35 billion, including the assumption of debt.

Reuters reported in February that Apollo was exploring the possibility of either selling Great Wolf or taking it public. Centerbridge won an auction for the resort owner/operator by agreeing to pay more than 10 times its annual EBITDA, Reuters reported Tuesday. A spokeswoman for Great Wolf did not respond to GlobeSt.com's requests for comment by deadline early Wednesday afternoon.

Apollo originally agreed to buy Great Wolf, which operates properties in 10 states and one Canadian province, for $703 million in March 2012. After a month-long bidding war between Apollo and KSL Capital, the final acquisition price was $740 million.

Great Wolf CEO Kim Schaefer calls the sale to Centerbridge “an exciting next chapter for Great Wolf Resorts. During our partnership with Apollo we saw tremendous growth for our company, including opening our 12th Great Wolf Lodge in Fitchburg, MA and having our 13th under construction in Garden Grove, CA.” The Garden Grove property broke ground last spring.

At New York City-based Centerbridge, senior managing director William Rahm says his firm is “fully committed to expanding the company into new markets.” The deal is expected to close in the second quarter, subject to customary closing conditions.

Along with the Fitchburg, MA location and the soon-to-open Garden Grove, CA property, Great Wolf operates in Wisconsin Dells, WI; Sandusky and Mason, OH; Traverse City, MI; Kansas City, KS; Williamsburg, VA; the Pocono Mountains in Pennsylvania; Niagara Falls, Ontario, Canada; Grapevine, TX; Grand Mound, WA; and Concord, NC. The properties range in size from 300 to 600 rooms, with indoor entertainment areas measuring between 40,000 and 100,000 square feet.