Squaw Valley Ski Holdings, Intrawest Resort Holdings Inc. and Mammoth Resorts are now combined as one company, and will launch a new name and brand prior to the 2017-18 ski season. The new entity includes 12 four-season mountain resorts.
The new joint venture formed by affiliates of KSL Capital Partners, LLC and Henry Crown and Company completed its acquisition of Intrawest Resorts Holdings Inc. and Mammoth Resorts on July 31, the Big Bear Lake, Calif.-based Big Bear Grizzly reported.
Through these transactions, Squaw Valley Ski Holdings, Intrawest and Mammoth Resorts are now combined as one company. This new entity includes 12 four-season mountain resorts with approximately 6 million skier visits; 20,000 skiable acres; and significant land available for real estate development, the Grizzly reported.
The entity also consists of Canadian Mountain Holidays, the world’s leading heli-ski operator, plus comprehensive aviation and real estate businesses. Intrawest’s properties include Steamboat Ski Resort in Steamboat Springs, Colo., Winter Park (Colo.) Resort, Tremblant Ski Resort in Quebec, Stratton Mountain Resort in South Londonderry, Vt., Snowshoe (W. Va.) Mountain, and Blue Mountain in Ontario. Denver-based KSL Capital Partners is the owner of the Squaw Valley and Alpine Meadows in the Lake Tahoe region.
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 CEO is completed. Thomas Marano, Intrawest’s CEO, resigned his position. Rusty Gregory, Mammoth Resort’s chairman, CEO and an investor in the new company, will serve on the board and become senior strategic advisor to the new company. Andy Wirth, president and CEO of Squaw Valley Ski Holdings, becomes president and COO of Squaw Valley Ski Holdings, the Grizzly reported.
“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,” Traficanti said. “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, Mark Brownlie was appointed as president and CEO of Mammoth Resorts. Wade Reeser is the General Manager at Big Bear Mountain Resort and will report to Brownlie, the Grizzly reported.
For the full 2017-18 winter season, the new company will continue to honor existing pass products currently on sale. The new company expects to launch a new name and brand prior to the 2017-18 ski season, the Grizzly reported.
The terms of Mammoth Resorts and Squaw Valley Ski Holdings transactions have not been disclosed, the Grizzly reported.