Alpine Valley Ski Resort in Munson Township is included in a merger deal between Colorado-based Vail Resorts in a 17-property deal with Peak Resorts, according to a Vail announcement made July 22.
Alpine Valley Ski Resort in Munson Township is included in a merger deal between Colorado-based Vail Resorts in a 17-property deal with Peak Resorts, according to a Vail announcement made July 22.
The merger agreement will include Brandywine and Boston Mills resorts in northern Summit County for a cash purchase price of $11 a share or $264 million, according to a press release from Peak Resorts.
Forbes writer Angel Au-Yeung said in a recent article that is more than twice the $5.10 per share closing price of the Peak Resorts stock price on July 21.
The sale, approved by the boards of directors of Vail and Peak, should close in the fall, but depends on a vote by shareholders.
Peak Resorts purchased Alpine Valley in 2012 and the other two Northeast Ohio resorts in 2002. It owns a total of 17 properties, including the Mad River Mountain Resort northwest of Columbus, in the Northeast, Mid-Atlantic and Midwest states.
Timothy D. Boyd, president and CEO of Peak Resorts, said the merger will benefit shareholders and guests.
“During my time in the industry, I’ve come to know and respect Vail Resorts and believe they will build on our accomplishments and further improve the experience that our loyal guests enjoy both on and off the mountain,” he said in a statement. He noted the Peak Pass provides unlimited access to company-owned resorts and is a valuable asset.
“Our properties are also in excellent condition thanks to a number of recently completed capital projects, including upgrades to our snowmaking capabilities, terrain expansions and infrastructure improvements,” Boyd said.
Vail Resorts is known for its Epic Pass, which gives guests access to all of its properties — including, for 2019-2020, the new Peak Resort areas. Peak Resorts pass holders will have the option to upgrade to an Epic Pass or Epic Local Pass following the closing of the transaction, expected this fall, according to the press release.
“Peak Resorts’ ski areas in the Northeast are a perfect complement to our existing resorts and together will provide a very compelling offering to our guests in New York and Boston,” said Rob Katz, chairman and CEO of Vail Resorts, in a statement. “With this acquisition, we are also able to make a much stronger connection to guests in critical cities in the Mid-Atlantic and Midwest and build on the success we have already seen with our strategy in Chicago, Minneapolis and Detroit.”
Alpine Valley employees sitting on a bench at the resort July 29 said they haven’t formally been told of any changes in ownership, but one said he thought it should be good for business.
The largest shareholder of Peak Resorts is reported to be the Sackler family, which invested in the operation in August 2015, according to Au-Yueng’s article.
In October, Peak Resorts shows brothers Richard and Jonathan Sackler’s company CAP 1 LLC owned nearly 40 percent of the Peak Resorts, said Au-Yueng, adding their ownership stake is worth about $87 million.
Lawsuits have been filed against eight members of the Sackler family for their involvement in Purdue Pharma. The suits allege Sacklers and others are responsible for the nation-wide opioid crisis, Au-Yueng reported.
