Mountain High For Sale?
SAM Magazine--Wrightwood, Calif., December 15, 2004--Oaktree Capital Management, owners of southern California's Mountain High ski area, have retained a financial advisor, Houlihan, Lokey, Howard and Zukin, to explore all of their options as it relates to returning invested capital to the original investors. This could include a sale, a merger or a recapitalization of the resort.
"The process is wide open," says Karl Kapuscinski, GM at Mountain High. "It will be an open bidding situation. The company expects to gather proposals, narrow the field and then pick the option thatís best for its investors."
The area, which regularly clocks half a million visits, is on pace for another record season, having already hosted over 130,00 at press time. Mountain High mainly draws on the Los Angeles market and is best known for its youth snowboard scene.
Included in the package is the recently-purchased Ski Sunrise, located a quarter mile from Mountain High. Management has plans to turn the small area into a place where families can learn to slide, whether on skis, a snowboard or in snowtubes. The area will be called Mountain High North.
There is no time schedule for the offering, but management is hoping to have it wrapped up by late spring, early summer 2005. \