The new joint venture formed by affiliates of KSL Capital Partners, LLC and Henry Crown and Company today announced the completion of their previously announced acquisition of Intrawest Resorts Holdings, Inc. (NYSE: SNOW) and Mammoth Resorts.
Through these transactions, Squaw Valley Ski Holdings , previously owned by affiliates of KSL, Intrawest and Mammoth Resorts are now combined as one company. This new entity boasts 12 four-season mountain resorts with approximately six million skier visits, 20,000 skiable acres and significant land available for real estate development, as well as Canadian Mountain Holidays, the world’s leading heli-ski operator, plus comprehensive aviation and real estate businesses. Its mountain resorts are geographically diversified across most of North America’s major ski regions: Squaw Valley, Alpine Meadows, Mammoth Mountain Ski Area, Snow Summit, Bear Mountain and June Mountain in California; Steamboat Ski & Resort and Winter Park Resort in Colorado; Blue Mountain Ski Resort in Ontario; Mont Tremblant Resort in Quebec; Stratton Mountain Resort in Vermont; and Snowshoe Mountain Resort in West Virginia.
The companies also announced leadership changes effective upon the close of the transaction. KSL’s Bryan Traficanti became interim Chief Executive Officer, while a comprehensive search for a new chief executive officer is completed. Executive search firm Spencer Stuart has been retained to assist with the selection of a new Chief Executive Officer. Effective as of closing, Thomas Marano, Intrawest’s Chief Executive Officer, resigned his position; Rusty Gregory, Mammoth Resort’s Chairman and Chief Executive Officer, is an investor in the new company and will serve on the Board, and become Senior Strategic Advisor to the new company; and Andy Wirth, President and Chief Executive Officer of SVSH, will become President and Chief Operating Officer of SVSH.
“This transaction marks a significant milestone for our company, our guests, and our communities, and we are excited about the opportunities that lie ahead as a result of combining Intrawest, Squaw Valley Ski Holdings, and Mammoth Resorts,” said Mr. Traficanti. “We believe that each resort brings something different to the company, and our goal is to preserve the unique character and culture of each while also building something greater. Supported by affiliates of KSL and HCC, this new organization is well positioned not only for continued growth, but also to bring more value to our guests, more opportunities for our employees, and more investment into our local communities.”
Additionally, David Perry, previously Vice President and Chief Operating Officer of Aspen Skiing Company, L.L.C., also an affiliate of HCC, was named the newly integrated company's President and Chief Operating Officer. Mr. Perry has spent more than four decades in the ski industry, including previous roles with Intrawest, Whistler/Blackcomb, and Canadian Mountain Holidays prior to being Chief Executive Officer of Colorado Ski Country USA and then Vice President and Chief Operating Officer at Aspen Skiing Company. Intrawest’s Sky Foulkes, previously holding the joint position of President of Winter Park Resort and Chief Operating Officer of Intrawest, transitioned to focusing full time on Winter Park Resort as its President and Chief Operating Officer.
Additional Leadership Announcements
The company is pleased to announce the following slate of resort leaders:
- Andy Wirth, President and Chief Operating Officer, Squaw Valley Ski Holdings
- Mark Brownlie, President and Chief Operating Officer, Mammoth Resorts (newly appointed)
- Wade Reeser, General Manager, Big Bear Resort (reporting to Mark Brownlie)
- Rob Perlman, President and Chief Operating Officer, Steamboat Ski & Resort
- Sky Foulkes, President and Chief Operating Officer, Winter Park Resort
- Patrice Malo, President and Chief Operating Officer, Mont Tremblant Resort
- Dan Skelton, President and Chief Operating Officer, Blue Mountain Ski Resort
- Bill Nupp, President and Chief Operating Officer, Stratton Mountain Resort
- Frank DeBerry, President and Chief Operating Officer, Snowshoe Mountain Resort
- Jeremy Levitt, President and Chief Operating Officer, Canadian Mountain Holidays
- Jeff Denomme, President, Alpine Aerotech
For the full 2017-18 winter season, the new company will continue to honor the existing pass products that are currently on sale, including the Rocky Mountain Super Pass +, the M.A.X. Pass, and the Mountain Collective. The new company expects to launch a new name and brand prior to the 2017/2018 ski season.
Under the terms of the previously announced Intrawest merger agreement, Intrawest stockholders will receive $23.75 in cash for each share of Intrawest common stock, representing a total valuation of approximately $1.5 billion. As a result of the closing of this acquisition, Intrawest will cease trading on the New York Stock Exchange. Under a separate previously announced purchase agreement, Mammoth Resorts is also being purchased by the new KSL and HCC joint venture effective today. Additionally, SVSH is being rolled into the new venture. The terms of both Mammoth Resorts and SVSH transactions have not been disclosed.
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