Vail resorts acquired Missouri-based ski resort operator Peak Resorts for $264 million in cash and assumption of additional debt in a deal that closed Sept. 24. Attorneys from the Denver office of Perkins Coie advised the publicity traded Peak Resorts in the transaction, while a local team from Wilmer Hale represented Vail Resorts.
“It’s nice we were able to have both sides represented by firms in Denver,” said Perkins Coie partner Jason Day. He said it’s rare to have Colorado lawyers on both sides of public company deals, which often involve attorneys in New York or California.
Day, who handles public company securities, teamed up with Perkins Coie partner Jeff Beuche to lead the transaction for Peak Resort. The company operates 17 ski areas in the Midwest and Northeast including Mount Snow in Vermont, Hunter Mountain in New York and Alpine Valley in Ohio. Day said the company hired the firm in connection with the sale.
Vail Resorts agreed to purchase all outstanding stock of Peak Resorts at a price of $11 per share, according to news releases from the two companies.
“It’s always fulfilling to advise a client for several months through a long and complicated process and have it run really well,” Day said. “Our client got a very high premium on their stock price and was happy with that, and shareholders overwhelmingly approved it.”
“Being here in Colorado, The ski industry is obviously near and dear to our hearts,” Day said. “So, understanding the product, understanding their business and being a customer makes it that much more fulfilling and interesting.”
Wilmer Hale partner Keith Trammell led the acquisition for Vail Resorts. Trammell has represented the company in its acquisitions of several other ski areas around the country.
“Vail Resorts literally wrote the book on how to grow and promote snow-riding and ski resorts in a way that revolutionized the industry,” said Trammell. “But they’re never content to the rest of their laurels. They’re constantly innovating and are rigorous and disciplined in their acquisition strategy, and it’s great to be a part of their success.”
The deal means holders of the 2019-2020 Epic Pass, Epic Local Pass and Military Epic Pass from Vail Resorts will get unlimited access to the 17 Peak Resorts ski areas this season.
“We’re fortunate to have an M&A practice at WilmerHale that’s truly national in scope. And Vail’s internal legal team is exceptional. That combination, along with Peak’s lawyers, made for quick and relatively smooth path from signing to closing, which is never a given in public company M&A,” said Trammell.
-Jessica Folker