Tag: Peak Resorts

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Vail Resorts to Acquire Peak Resorts, Owner Of 17 U.S. Ski Areas

A great powder day at Mount Snow, part of Peak Resorts.Vail Resorts to Acquire Peak Resorts, Owner Of 17 U.S. Ski Areas

Vail Resorts to Acquire Peak Resorts, Owner Of 17 U.S. Ski Areas

Vail Resorts, Inc. (NYSE: MTN) today announced it has entered into a definitive merger agreement to acquire 100 percent of the outstanding stock of Peak Resorts, Inc. (NASDAQ: SKIS) at a purchase price of $11.00 per share, subject to certain conditions, including regulatory review and Peak Resorts’ shareholder approval.

Liberty Mountain. Photo: Peak Resorts. Vail Resorts to Acquire Peak Resorts, Owner Of 17 U.S. Ski Areas
Liberty Mountain. Photo: Peak Resorts. Vail Resorts to Acquire Peak Resorts, Owner Of 17 U.S. Ski Areas

Through the acquisition, Vail Resorts will add 17 U.S. ski areas to its network of world-class resorts. Located near major metropolitan areas, including New York, Boston, Washington, D.C., Baltimore, Philadelphia, Cleveland, Columbus, St. Louis, Kansas City and Louisville, the resorts include:

  • 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

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Was the past one a great ski season? Enjoy it for now!

Norbert, Nico and Eva playing at Squaw Valley. Alterra Resorts. Was the past one a great ski season? Enjoy it for now!

Was the past one a great ski season? Enjoy it for now!

From Bloomberg Business

This past winter’s weird weather patterns delivered record snowfalls. There are now five North American ski resorts still open and even Mammoth is planning to use its chairlifts in August.

Peak 6 in Breckenridge, CO. Photo Andrew Maguire. Vail Resorts. Was the past one a great ski season? Enjoy it for now!
Peak 6 in Breckenridge, CO. Photo Andrew Maguire. Vail Resorts. Was the past one a great ski season? Enjoy it for now!

The ski industry – a business of $8.4 million in North America has gone from being really bad, to have a good year even when there is a fallout of climate change.

It was a record year for skier days in the US – as the National Ski Areas Association published there was an 11% increase in skier days from the prior year reaching 59 million skier days in the US.

Both Alterra and Vail Resorts have taken advantage of this. From November through April, Vail received 13.7 million skier days – a 20% year on year. Total revenue increased 14.5 percent to $1.8 billion.

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Peak Resorts Completes Acquisition of Snow Time

Roundtop Mountain Resort in a blue sky day. Peak Resorts Completes Acquisition of Snow Time.

Peak Resorts completes the acquisition of Snow Time. It adds three popular Pennsylvania resorts to growing Northeast portfolio

Snow Time Season Pass Upgrade Results Demonstrate the Strong Appeal of the Unlimited Peak Pass

Tubing down the slopes. Peak Resorts Completes Acquisition of Snow Time. Peak Resorts photo.
Tubing down the slopes. Peak Resorts Completes Acquisition of Snow Time. Peak Resorts photo.

Peak Resorts, Inc. (NASDAQ:SKIS) (“Peak” or the “Company”), a leading owner and operator of high-quality, individually branded U.S. ski resorts, announced today that it has completed its previously announced acquisition of Snow Time, Inc. (“Snow Time”). Pursuant to the terms of the transaction, Peak Resorts paid approximately $70 million in cash consideration to Snow Time and issued approximately 1.18 million shares of its common stock to Snow Time’s shareholders at a price of $5.07 per share, for total consideration of approximately $76.0 million. Financing for the cash portion of the purchase price consists of: a $50 million, two-year senior secured term loan from CAP 1 LLC, which will accrue interest at an annual rate of 6.95% and carry no prepayment penalty; and $20 million in proceeds from the sale of 20,000 shares of Series A cumulative convertible preferred stock and issuance of accompanying warrants to CAP 1 LLC pursuant to an existing securities purchase agreement.

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PEAK RESORTS TO ACQUIRE SNOW TIME FOR $76 MILLION

Mount Snow, one of the Peak Resorts bought by Vail Resorts. Photo: Mackenzie.

Peak Resorts to acquire Snow Time for USD 76 Million.

Accretive Transaction Expands Peak’s Northeast Portfolio
with the Addition of Three High-Quality Resorts

Peak Resorts, Inc. (NASDAQ:SKIS) (“Peak” or the “Company”), a leading owner and operator of high-quality, individually branded U.S. ski resorts, announced today that it has entered into a definitive agreement to acquire privately-held Snow Time, Inc. (“Snow Time”) for $76 million in total consideration.

Snow Time owns and operates three ski resorts in Pennsylvania: Liberty Mountain Resort, Whitetail Resort and Roundtop Mountain Resort. The three resorts are within driving distance of the Baltimore-Washington D.C. market, which comprises nearly 10 million people, and welcomed more than 600,000 visitors during the 2017/2018 ski season. Snow Time’s resorts offer a combined 65 trails, more than 325 skiable acres, and an average of approximately 700 vertical feet of terrain. Snow Time also operates two 18-hole golf courses, a 115-room hotel and 22,000 square foot conference center at Liberty Mountain Resort, and more than 20 food and beverage locations across its three resorts.

Mount Snow, part of the group of resorts owned by Peak Resorts, who acquired Snow Time recently.
Mount Snow, part of the group of resorts owned by Peak Resorts, who acquired Snow Time recently.

Snow Time generated approximately $50 million in revenue and approximately $11 million in adjusted EBITDA for the twelve-month period ended March 31, 2018, resulting in a purchase multiple of approximately 6.8x, before giving effect to expected operating synergies (a reconciliation from Net Income to Adjusted EBITDA, which is a non-GAAP financial measure, is provided at the end of this press release). The transaction is expected to be completed prior to the beginning of the 2018/2019 ski season,subject to the satisfaction of customary closing conditions.

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