Mam­moth and Bear Moun­tain sale com­pleted

Los Angeles Times - - BUSINESS BEAT - By Hugo Martin hugo.martin@la­times.com

A new ski re­sort pow­er­house of­fi­cially formed Mon­day — still name­less but so big it will con­trol 12 re­sorts with 20,000 acres of ski­able land from Cal­i­for­nia to West Vir­ginia.

A Colorado part­ner­ship that is vy­ing to be one of na­tion’s big­gest ski oper­a­tors com­pleted its deal to ac­quire the re­sorts of Mam­moth Moun­tain, Bear Moun­tain and Squaw Val­ley, among sev­eral oth­ers.

The part­ner­ship brings to­gether Colorado-based Aspen Ski­ing Co., pri­vate eq­uity firm KSL Cap­i­tal Part­ners, ski re­sort gi­ant In­trawest and Mam­moth Re­sorts, which in­cludes Mam­moth Moun­tain, June Moun­tain, Bear Moun­tain and Snow Sum­mit. The re­sorts at­tract about 6 mil­lion skiers a year.

The deal to com­bine the com­pa­nies was an­nounced in April but was com­pleted Mon­day. In an­nounc­ing the trans­ac­tion’s clos­ing, the new com­pany said it ex­pects to come up with a name and launch a new brand be­fore the ski sea­son be­gins.

Bryan Traf­i­canti, ex­ec­u­tive vice pres­i­dent of KSL Cap­i­tal, has been named chief ex­ec­u­tive of the new part­ner­ship. Rusty Gre­gory, chief ex­ec­u­tive of Mam­moth Re­sorts since 1996, has be­come a se­nior strate­gic ad­vi­sor, while the re­sort’s chief op­er­at­ing of­fi­cer, Mark Brown­lie, adds the ti­tle of pres­i­dent. Andy Wirth, who has been pres­i­dent and chief op­er­at­ing of­fi­cer for Squaw Val­ley Ski Hold­ings since 2010, will re­tain those ti­tles.

The part­ner­ship was the re­sult of two deals: In April, KSL and Aspen Ski­ing took over In­trawest Re­sort Hold­ings, a Den­ver re­sort com­pany, in a deal val­ued at $1.5 bil­lion. Two days later, the part­ner­ship sought to ac­quire Mam­moth Re­sorts and Squaw Val­ley Ski Hold­ings. The terms of those deals were not dis­closed.

The deal cre­ates a new chal­lenger to Vail Re­sorts Inc., which op­er­ates 10 re­sorts and three ur­ban ski ar­eas in the U.S. and Aus­tralia.

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