The Weider family has sold its 50% interest in Blue Mountain Resorts Limited to Intrawest Resorts Holdings, Inc., an NYSE-listed mountain and adventure company, and owner of the other 50% of Blue Mountain.
About the Company
Founded in 1941 by Jozo Weider, Blue Mountain is Ontario’s largest ski resort, situated approximately two hours north of Toronto. Over the last decade, Blue Mountain has become a four season resort, adding a number of summer attractions.
Crosbie provided advice to the Weider family over a nine year period that culminated in sale negotiations with Intrawest, and also included assessments of the value of the family’s 50% interest at various points in time, and a review of the family’s strategic options in respect of its interest.
The sale to Intrawest allowed the Weider family to crystallize significant value in an asset that they had continuously reinvested in for over 60 years, and ensured that the legacy established by Jozo Weider would continue under the strong stewardship of Intrawest. For Intrawest, the acquisition represented a strong strategic fit as it moved into its next stage of growth following its initial public offering in early 2014. The transaction also provides Intrawest with full control over the resort and access to significant cash flows which in prior years had been reinvested into the business.