SAM Magazine—Jeffersonville, Vt., Feb. 11, 2026—Bear Den Partners has acquired a majority ownership interest in Smugglers’ Notch Resort from Bill Stritzler, who has owned Smuggs for 29  years and whose family will retain an ownership stake in the resort. Stritzler’s daughter and Smuggs CEO Lisa Howe will serve as an advisor on the future of the mountain.  

Bear Den Partners purchased Burke Mountain Resort, Vt., out of receivership in May 2025. It is led by chairman Ken Graham and CEO Jon Schaefer. Schaefer’s family also owns and operates Berkshire East and Catamount in Massachusetts.  

In a letter to staff and other stakeholders, Schaefer said the Bear Den team was approached by the Stritzler family last summer to “consider a control investment” in Smugglers’ Notch. He said Stritzler chose Bear Den Partners because they are independent minded rather than a corporate entity. 

“We were intentional about finding an operator who truly understands what makes Smuggs special,” said Stritzler. “We sought out Bear Den Partners as an equity partner because they share our belief that this resort is about families, employees, and community, not trends or shortcuts. This transition is about continuity and stewardship, and we’re confident Smuggs is in the right hands.”

Under the new ownership structure, according to a statement, Smugglers’ Notch will continue to operate with its existing culture, values, and commitment to guests, employees, and the surrounding community. Future investments will be targeted and collaborative, focusing on core infrastructure, guest experience, employee support, and long-term stewardship of the resort. 

“Smugglers’ Notch is a community mountain, and this has been a community transition,” said Schaefer. “To that end, there have been hundreds of people working on this deal, which would not have been as successful without the help of so many different Vermont state agencies and businesses, particularly Community National Bank, who has been a great partner to both resorts.” Schaefer called the effort to complete the transaction “a Vermont-wide community effort” and reiterated that Bear Den Partners plans to support what already works at the resort, which often is highly ranked in various readers’ polls including SKI and USA Today.

“A resort is a part of the community, an operator is a steward of the mountain, and there is so much more to it than whose name is on the title,” said Graham. “Our role is to help preserve the culture of the resort and strengthen it as one of the most important independent resorts in the country.”

Smuggs is known as a family resort, with various programs and activities catering to kids, and it’s also home to a variety of expert terrain spread across more than 1,000 skiable acres, famously served by all fixed-grip double chairlifts and one T-bar.