KSL Capital Partners, a private equity fund specializing in travel and leisure businesses, has agreed to buy Intrawest's 24 per cent stake in Whistler Blackcomb Holdings Inc, the company that owns Whistler Blackcomb.
"KSL is delighted to be acquiring a 24 (per cent) interest in a world-class ski area," said Eric Resnick, managing director of KSL in a release Monday night.
"Whistler Blackcomb is the largest and most visited ski resort in North America and we feel that it complements our portfolio of premier travel and leisure properties. (KSL partner) Peter (McDermott) and I are looking forward to working with the board to grow the business.
"Whistler Blackcomb has a very experienced and successful management team and we are enthusiastic to work with them as they continue to deliver a fantastic mountain experience for Whistler Blackcomb's guests."
Whistler Blackcomb Holdings Inc. owns a 75 per cent interest in each of Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership, which, together, operate Whistler Blackcomb. The net outcome of the initial public offering on Nov.9, 2010 is that Whistler Blackcomb Holdings is the managing partner and contols 75 per cent of the partnerships which own the assets of Whistler Blackcomb. The remaining 25 per cent of the partnerships are owned by Nippon Cable.As of Dec.4, 2012, KSL Capital Partners has acquired Intrawest's 24 per cent stake in Whistler Blackcomb Holdings Inc.
As a result of the sale Bill Jensen has tendered his resignation as a director and chief executive officer of Whistler Blackcomb Holdings Inc. Wes Edens, Fortress co-chairman, and Jonathan Ashley, an Independent Director of Whistler Blackcomb Holdings Inc.who has been a Managing Director of Fortress Investment Group LLC. have also resigned as directors of Whistler Blackcomb Holdings Inc.
Whistler Blackcomb Holding Inc.'s board of directors has appointed Dave Brownlie, the current President and Chief Operating Officer, as the Corporation's President and Chief Executive Officer and a director.
Resnick and McDermott will act as directors to fill the vacancies created by these resignations. Mr. Resnick is co-founder and Managing Director of KSL and has deep, long-standing ties to the ski industry.
"We are also pleased to appoint Dave Brownlie as Chief Executive Officer and as a member of the board of directors," said Graham Savage, Chairman of the Corporation's board of directors.
"With over 24 years in ski resort management, Dave brings insight and experience to the position and I am looking forward to continuing to work with him to grow the business."
The Intrawest shares were purchased for $12.75 per common share. The deal is being made in conjunction with an Intrawest refinancing
KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services.
Its properties include The Belfry, The Grove Park Inn, The Homestead, Montelucia Resort & Spa, Barton Creek Resort & Spa, Rancho Las Palmas Resort & Spa, The James Royal Palm, La Costa Resort and Spa, and ClubCorp, one of the world's largest owners of private golf and business clubs. It also owns Squaw Valley and Alpine Meadows.