Vail Resorts acquires Paoli PeaksJuly 23, 2019
From Local Sources
PAOLI — Colorado-based Vail Resorts has announced its acquisition of Peak Resorts Inc., which includes 17 ski areas throughout the Northeast and Midwest, including Paoli Peaks in Orange County.
The deal was made for $264 million.
Subject to regulator and shareholder approval, the company will acquire the ski areas that are near 10 metropolitan areas: Cleveland; Columbus, Ohio; Baltimore; Boston; Kansas City, Missouri; Louisville, Kentucky; New York; Philadelphia; St. Louis; and Washington.
Vail owns 20 other ski areas in the U.S., Canada and Australia.
“The ski areas within the Peak Resorts portfolio exemplify the spirit of our sport as well as our Company’s mission to provide an Experience of a Lifetime to guests,” said Rob Katz, chairman and CEO of Vail Resorts. “We’re thrilled to welcome the resorts and their employees into the Vail Resorts family and invest in their continued success.”
Paoli Peaks is located 30 minutes northeast of Dubois County in Orange County. The 80-acre ski resort employs more than 150 people per year and brings in anywhere between 2,000 and 3,000 visitors on any given weekend.
The newly-acquired resort will be included in Vail’s Epic season pass once the deal officially closes. Vail will continue to sell Peak Resorts pass products with an opportunity to upgrade to the Epic pass.
Vail plans to invest $15 million in the new resorts over the next two years, and plans to retain a majority of the resort’s employees. The merger is expected to officially close this fall.
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