SAM Magazine—Broomfield, Colo., Sept. 24, 2019— Vail Resorts has closed on its acquisition of Peak Resorts, Inc. for a purchase price of $11 per share. With the acquisition, Vail Resorts adds 17 U.S. ski areas to its portfolio—all located in the Northeast, Mid-Atlantic, and Midwest—and now owns and operates 37 resorts worldwide.
"We are thrilled that with this acquisition, skiers and riders living in and around some of the biggest cities in the country will now have access to both ski close to home and at renowned mountain resorts around the world—with just one pass," said Vail Resorts CEO Rob Katz. "We are excited to welcome each of these ski areas into the Vail Resorts family and to continue to invest in what makes them unique."
The new resorts are: Mount Snow, Vt.; Hunter Mountain, N.Y; Attitash Mountain Resort, Wildcat Mountain, and Crotched Mountain, N.H.; Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, and Jack Frost and Big Boulder, Pa.; Alpine Valley, Boston Mills Brandywine, and Mad River Mountain, Ohio; Hidden Valley and Snow Creek, Mo.; and Paoli Peaks, Ind.
The 2019-20 Epic Pass, Epic Local Pass, Epic Australia Pass and Military Epic Pass now include unlimited and unrestricted access to each of the 17 ski areas. Vail Resorts will honor all Peak Resorts pass products and continue to sell them through the fall. Current Peak Resorts pass holders now have the option to upgrade to an Epic Pass or Epic Local Pass.
Following today's closing, Vail Resorts plans to invest approximately $15 million over the next two years in one-time capital spending at the newly acquired areas.
The general managers and senior leadership teams at the former Peak Resorts ski areas will remain in their roles as part of a new regional leadership structure, and report to eastern region COO Doug Pierini. Functional departments, including HR, IT, marketing, sales, communications, finance, accounting, hospitality, and health and safety, will immediately realign and report to Vail Resorts corporate leaders for those functions.
Several of Peak Resorts top executives, including CEO Tim Boyd, CFO Chris Bub, VP Richard Deutsch, EVP Stephen Mueller, VP Jesse Boyd, VP Jason Boyd, and VP Josh Boyd, will no longer be with the company, effective Oct. 8.
Peak Resorts common stock will be delisted from the Nasdaq Global Select Market at the close of the market on Sept. 24.