Area ski resort sold to Colorado company
Mad River Mountain purchased by Vail Resorts Inc.
A Colorado resorts company has acquired Mad River Mountain and several other Ohio ski properties in a broad merger agreement.
Vail Resorts Inc. announced Monday that it bought 17 ski resorts for $264 million, including Mad River Mountain in Zanesfield, about an hour’s drive north of Dayton near Bellefontaine. The company also acquired three other Ohio resorts: Alpine Valley in Chesterland, as well as Boston Mills and Brandywine resorts in Peninsula.
Other acquired properties 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; Paoli Peaks in Indiana and others.
“With this move, Vail Resorts complements its existing portfolio of resorts to provide an even more compelling offer for skiers in the Northeast,” the company said in an email. “The acquisition fully embodies the brand’s philosophy of ‘epic for everyone,’ making skiing and riding more accessible to guests across the U.S. and around the world.”
Vail said it plans to invest $15 million in the 17 former Peak properties.
When the transaction closes, Mad River Mountain pass holders will have access to the 17 Peak Resorts ski areas, the company said.
“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 of Peak Resorts.
Vail Resorts said it intends to finance the deal through a combination of cash, an existing revolver facility and a credit expansion. In addition, Vail said it will assume or refinance Peak Resorts’ outstanding debt.