KSL funding helps Aspen Skiing Co. pursue big-picture plans
Denver-based private equity firm KSL Capital Partners has played a crucial role in helping Aspen Skiing Co. position itself for the long haul in the ski industry.
KSL and Skico have teamed up twice in the past seven months on major projects that will shape Skico for the generations to come. First, they purchased the Snowmass Base Village property, along with East West Partners of Avon. That deal was announced in September and completed by the end of 2016. The new joint venture is going to jumpstart construction on that largely stalled project this year.
Now, KSL and Skico are pursuing a plan to acquire Intrawest Resort Holdings.
Former Vail Associates chief executive Mike Shannon and Eric Resnick formed KSL in 2005 to invest in high-end travel and leisure enterprises. The firm has diverse holdings that range from luxury cruise operators to golf clubs, fitness clubs to ski areas. It acquired Squaw Valley in California in 2010 and later added Alpine Meadows.
The company and its affiliates employ about 20,000 people in the U.S. and abroad, according to KSL’s website.
The company’s philosophy is to acquire projects or companies and unlocking their potential.
“We focus on acquisitions of complex, operationally intensive businesses and strive to unlock ‘hidden value’ by re-envisioning and repositioning these enterprises through targeted capital expenditures, operational efficiencies and enhanced marketing strategies,” KSL said on its website.
KSL Squaw Valley and Alpine Meadows resorts will be held by the new entity after the closing of the Intrawest deal.
Aspen Skiing Co.’s four ski areas will remain independently owned by the Crown family.
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