Intrawest Corporation, Whistler Mountain Holdings Ltd. and Copper Mountain Inc. combined their assets into one company under the Intrawest name. The transactions are valued at approximately $260 million CDN.
The deal is made up of 6.1 million Intrawest common shares and the balance in cash, debt and preferred shares. The 6.1 million shares will represent 20.9 per cent of the company.
Charles Young of Whistler Mountain and Tony Noevelli of Copper Mountain will take seats on the Intrawest board of directors. The Young and Barker families, which had owned Whistler Mountain, become the largest single Intrawest shareholders.
The deal also includes:
o A capital investment in excess of $35 million CDN. for on-mountain improvements to Whistler Mountain, including lifts, restaurants and service facilities.
o Work will begin in the spring on the re-development of Whistler Creekside.
o Copper Mountain will receive more than $35 million CDN in capital improvements on the mountain, including new lifts.
o $460 million CDN will be invested over the next 10 years to complete the Copper Mountain Village. It will include an additional 1,000 residential units and 80,000 square feet of commercial space.
o Copper Mountain is located approximately 75 miles west of Denver and 20 miles east of Vail in Summit County, Colorado.
o Copper had 979,000 skier visits last winter, more than Whistler or Blackcomb.
o The area has 20 lifts, four mountain-top bowls, 103 trails and 2,300 acres of skiable terrain.
o Copper was ranked 17th in Western North America in Snow Country magazine’s annual resort rating.
o Has been owned by the Young and Barker families for the last 17 years. The families have invested more than $75 million in the mountain in that time.
o The company has 2,500 bed units yet to be developed.
o 30 per cent of Whistler Mountain’s terrain has yet to be developed
o Long range plans include development of a third base-access area in the Cheakamus River area.