Skiers and snowboarders enjoy food and beverages at Tusks Bar overlooking the slopes at Mammoth Mountain in Mammoth Lakes, Calif., on Dec. 3, 2016. The resort and others owned by Mammoth Resorts are being bought by a Colorado partnership. (Brian van der Brug / Los Angeles Times)
A Colorado partnership has agreed to buy Mammoth Resorts, the ski company that runs four of California’s most popular resorts, further consolidating the country’s ski slopes into the hands of a few major developers.
Mammoth Resorts, which operates Mammoth Mountain and June Mountain in the Eastern Sierras, plus Bear Mountain and Snow Summit in the San Bernardino Mountains, has agreed to be acquired by the newly formed partnership by fall, but terms of the deal were not disclosed.
The California resorts will be acquired by a partnership of the Colorado-based Aspen Skiing Co., which owns four resorts and hospitality projects, and KSL Capital Partners, a private equity firm based in Denver.
“This new platform, built around a collective passion for the mountains and our commitment to the people who visit, work and live there, is exactly what the ski resort business needs,” said Rusty Gregory, chairman and chief executive of Mammoth Resorts, which only took over Bear Mountain and Snow Summit in 2014 in a $38-million deal.
The purchase of Mammoth Resorts follows a consolidation trend in the ski industry that has put some of the nation’s most popular mountains in the control of a handful of large resort developers.
The trend has been evident around Lake Tahoe, where Vail Resorts Inc., operator of Heavenly Mountain Resort, acquired the Northstar-at-Tahoe resort near the lake’s North Shore in 2010.
The following year, Squaw Valley USA and Alpine Meadows, two of the largest ski resorts at Lake Tahoe, combined operations.
To read more about the travel and tourism industries, follow @hugomartin on Twitter.