Santa Monica’s iconic Ferris wheel has a new owner.

On Thursday, Santa Monica Amusements, the operator of Pacific Park on the Santa Monica Pier, announced it had been sold to an investment firm called SC Holdings.

SC Holdings primarily operates in the entertainment and sports sphere and is an investor in Springhill, the entertainment company owned by LeBron James and Maverick Carter, as well as several Michelin Star-rated restaurants and professional pickleball organizations.

Officials for SC Holdings say the private equity firm plans to invest more than $10 million into the amusement park over the next five years, primarily in its food and entertainment programs.

In the meantime, the company will continue to support park operations and maintenance, and Pacific Park’s longtime management team will remain on staff to manage the day-to-day.

“Collectively, this team has 300 years combined experience managing the Park’s operations,” a release from SC Holdings states.

Pacific Park will also have some additional support from a heavyweight in the theme park industry.

Lars Liebst will serve on the advisory board for Pacific Park. For 24 years, Liebst was the CEO of Tivoli Gardens, the world’s second-oldest amusement park, located in Copenhagen, Denmark.

David Swinghamer, former CEO of Shake Shack, will also serve on the advisory board, bringing a wealth of experience in the consumer food and beverage business.

“Having SC as owners and investors in Pacific Park is a milestone moment,” said Pacific Park Vice President and General Manager Jeff Klocke. “The Pier is a treasured part of Santa Monica, and a place where both tourists and Angelenos come for fun and relaxation. SC’s investment and resources will help us expand what makes Pacific Park great today and write its next exciting chapter.”

The new owners of Pacific Park say new announcements about the growth and development of L.A.’s only admission-free amusement park will be made in the coming months.

Pacific Park features 12 amusement attractions, including the solar-powered Pacific Wheel and the Route 66 West Coaster. It also boasts 14 midway games, an oceanfront food court and several shops for tourists and locals alike.

Its new owners say they have no plans to disrupt nearly three decades of L.A. history.

“We’re honored to support the Park’s growth through investments into its programs and operations,” said Adrian Williams, a partner in SC Holdings. “The Pier and Park are such iconic parts of Southern California’s coastline, and we want to make sure they stay a welcoming place where visitors and locals can come have fun and relax.”

More information, including hours of operation, can be found online or by calling 310-260- 8744.