Peak Resorts buys Roundtop, two other nearby ski resorts for $ 76 million
York County’s Roundtop Mountain Resort and two other area ski destinations will soon have a new owner.
Peak Resorts announced Monday, September 24, that the company has agreed to spend $ 76 million on privately held Snow Time Inc. – which owns and operates Roundtop in Warrington Township, as well as Liberty Mountain Resort in Adams County and Whitetail Mountain Resort. in Franklin County.
Following:PHOTOS: Northeastern High School Prom at Roundtop Mountain
Peak Resorts, based in Missouri, one of the largest owners and operators of ski resorts in the Northeast and Midwest, operates 14 resorts, most located within 100 miles of major metropolitan areas such as New York and Boston. .
The acquisition of the Snow Time stations will be an opportunity for the company to expand into the Baltimore-Washington, DC market.
Procurement: The deal requires Peak to pay $ 70 million in cash and $ 6 million in common stock.
To help fund the cash portion, Peak obtained a loan of $ 50 million over two years, as well as $ 20 million from the sale of 20,000 shares and the issuance of warrants.
The company plans to repay the loan by refinancing its capital structure.
“I am extremely happy to hand over the management of Snow Time and our three hill stations to Peak Resorts,” said Irvin S. Naylor, founder and president of Snow Time, in a press release. “… I see Peak Resorts as the perfect operators to take Liberty, Roundtop and Whitetail to the next level.”
Following:PHOTOS: Skiing and snowboarding at Roundtop Mountain Resort
Advantages: The benefits of adding three new stations to Peak’s collection include access to an estimated $ 10 million market and 600,000 visitors to Snow Time sites last season.
Collectively, Snow Time’s resorts have 65 trails, over 325 skiable acres and an average of about 700 vertical feet of land, the release said.
The new additions will now be included in the company’s 10-station Peak Pass, and those who have already purchased 2018-19 season passes for Roundtop, Whitetail or Liberty can upgrade.
Liberty, Roundtop, and Whitetail will also expand Peak’s nightlife options, with activities such as night skiing and tubing.
And in addition to ski-related activities, they also have two 18-hole golf courses, a 115-room hotel, a 22,000-square-foot conference center in Liberty, and over 20 dining venues.
The four-season amenities offered by the resorts will help summer business in the northeast, the statement said.
“Over more than 50 years, Irvin Naylor and his team have created three exceptionally well-maintained hill stations in southern Pennsylvania,” said Timothy D. Boyd, President and CEO of Peak Resorts.
“We are delighted that Peak Resorts continues to develop its appeal to the next generation and beyond,” added Naylor.
The deal is expected to be finalized before the start of the 2018-19 ski season, according to the statement from Peak.