A newly formed joint venture (JV) of KSL Capital Partners and Henry Crown and Company (HCC) has completed the acquisition of Intrawest Resorts Holdings and Mammoth Resorts.
The JV, which is yet to be named, has acquired Intrawest for approximately $1.5bn including debt obligations while the financial terms of the transaction involving Mammoth Resorts remain undisclosed.
As per the terms of the deal, Squaw Valley Ski Holdings (SVSH), the parent company of Squaw Valley/Alpine Meadows resort and a KSL affiliate, has also become part of the new entity.
The transactions consolidate SVSH, Intrawest and Mammoth Resorts into a single entity, with 12 four-season mountain resorts and approximately six million skier visits.
KSL executive Bryan Traficanti said: “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.
“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.
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“Supported by affiliates of KSL and HCC, this new organisation 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.”
A name and brand for the new entity are expected to be announced before the 2017/2018 ski season.