Vail Resorts to add 17 ski areas through acquisition of Peak Resorts
Resorts in acquisition
Mount Snow in Vermont
Hunter Mountain in New York
Attitash Mountain Resort, Wildcat Mountain and Crotched Mountain in New Hampshire
Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder in Pennsylvania
Alpine Valley, Boston Mills, Brandywine and Mad River Mountain in Ohio
Hidden Valley and Snow Creek in Missouri
Paoli Peaks in Indiana
Vail Resorts, Inc. announced on Monday it has entered into a definitive merger agreement to acquire the outstanding stock of Peak Resorts, Inc., which will add 17 US ski resorts to the company.
Through the acquisition, Vail Resorts will nearly double the amount of resorts it operates through its subsidiaries, expanding from 20 (17 mountains and three urban ski areas) to 37 locations. The company will add Mount Snow in Vermont; Hunter Mountain in New York; Attitash Mountain Resort, Wildcat Mountain, and Crotched Mountain in New Hampshire; Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost, and Big Bolder in Pennsylvania; Alpine Valley, Boston Mills, Brandywine, and Mad River Mountain in Ohio; Hidden Valley and Snow Creek in Missouri; and Paoli Peaks in Indiana.
“We are incredibly excited to have the opportunity to add such a powerful network of ski areas to our Company,” said Rob Katz, chairman and chief executive officer of Vail Resorts in a news release. “Peak Resorts’ ski areas in the Northeast are a perfect complement to our existing resorts and together will provide a very compelling offering to our guests in New York and Boston. With this acquisition, we are also able to make a much stronger connection to guests in critical cities in the Mid-Atlantic and Midwest and build on the success we have already seen with our strategy in Chicago, Minneapolis and Detroit. The acquisition fully embodies our philosophy of Epic for Everyone, making skiing and riding more accessible to guests across the U.S. and around the world.”
“The ski areas within the Peak Resorts portfolio exemplify the spirit of our sport as well as our Company’s mission to provide an Experience of a Lifetime to guests,” Katz added. “We’re thrilled to welcome the resorts and their employees into the Vail Resorts family and invest in their continued success.”
Support Local Journalism
Vail Resorts will acquire 100% of Peak Resorts, Inc. at a purchase price of $11 per share, according to the company, which is subject to certain conditions, including regulatory review and Peak Resorts’ shareholder approval. The aggregate purchase price for all Peak Resorts common stock is estimated to be approximately $264 million. The company plans on financing the transaction through a combination of cash on hand, its existing revolver facility and expansion of its credit facility. In addition, Vail Resorts will be assuming or refinancing Peak Resorts’ outstanding debt.
When the transaction closes, Vail’s 2019-20 Epic Pass, Epic Local Pass and Military Epic Pass will include unlimited and unrestricted access to the 17 Peak Resorts ski areas. Guests with an Epic Day Pass will also be able to access the new ski areas as a part of the total number of days purchased. For the 2019-20 season, Vail Resorts will honor and continue to sell all Peak Resorts pass products, and Peak Resorts’ pass holders will have the option to upgrade to an Epic Pass or Epic Local Pass, following closing of the transaction.
“Vail Resorts has a proven track record of celebrating the unique identity of its resorts, while continually investing in the guest and employee experience. For this reason, we are confident that our resorts and employees will continue to thrive within the Vail Resorts network,” said Timothy Boyd, president and chief executive officer of Peak Resorts, in a news release from the company. “We are very proud of our track record over the last two decades in building the breadth, quality and accessibility of our resorts. We are thrilled that our guests will now have access to some of the world’s most renowned resorts.”
Vail Resorts, Inc., through its subsidiaries, currently operates 17 mountain resorts and three urban ski areas, including locally at Northstar California Resort, Heavenly Mountain Resort, and Kirkwood Mountain Resort.
The transaction is expected to close this fall, according to Vail. The parties expect operations at all Peak Resorts ski areas to continue in the ordinary course of business. Upon closing, Vail Resorts said it plans to retain the vast majority of each resort’s employees.
Justin Scacco is a reporter for the Sierra Sun. Contact him at email@example.com.
Support Local Journalism
Readers around Lake Tahoe, Truckee, and beyond make the Sierra Sun's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Your donation will help us continue to cover COVID-19 and our other vital local news.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User