New England’s largest ski resort has been offered to a neighborhood group of traders for an undisclosed value. The sale, which had been rumored for weeks, is the second current disposition by Powdr following the sale of Lee Canyon, Nevada to Mountain Capital Companions in 2023. Lead traders within the new possession group, Phill Gross and Michael Ferri, each have long run ties to the Killington space and ski racing. Gross is Managing Director of Boston-based Adage Capital Administration and Ferri owns Valvoline On the spot Oil Change franchises all through the East Coast. Powdr will retain a minority stake and one seat on Killington/Pico’s board of administrators. Present administration will stay in place and the resorts will proceed to take part within the Ikon Go. “The Killington management crew is worked up about this chance to construct on the sturdy basis laid by Powdr,” stated Mike Solimano, President and Basic Supervisor of Killington Resort. “We consider that native possession will permit us to be much more aware of the wants and needs of our neighborhood and company.”
The sale is anticipated to shut this fall. In an e mail to workers, Powdr stated it additionally plans to checklist Eldora, Colorado; Mt. Bachelor, Oregon and SilverStar, British Columbia on the market within the coming weeks. The Park Metropolis-based firm expects to retain Boreal, California; Copper Mountain, Colorado; Snowbird, Utah; Soda Springs, California and Woodward Park Metropolis, Utah as its solely 5 alpine ski areas. The corporate has been increasing its portfolio of Woodward motion sports activities parks of late and bidding on concession contracts with the Nationwide Park Service with the intention to diversify its portfolio.
Through the Powdr period, Killington made vital upgrades to its infrastructure together with a brand new Ok-1 lodge, Snowdon bubble six pack, North Ridge quad and new cabins on the Ok-1 gondola. The Beast faces vital ongoing capital wants, nevertheless, together with a substitute for the Celebrity Specific and a better capability raise on Ramshead Mountain. “We’re grateful to Powdr for his or her stewardship over time, as Killington noticed substantial enhancements to infrastructure, snowmaking capabilities, and year-round development,” stated Gross and Ferri. “For our households, Killington is greater than only a enterprise or asset to personal; it’s our dwelling. We’re thrilled to information the mountain into a considerable funding section. Mike and his management crew have carried out an ideal job, and we look ahead to giving them the sources to up our sport and proceed to evolve Killington as a pacesetter amongst world-class resorts with sturdy native roots.”
