Mammoth Resorts to buy Bear Mountain and Snow Summit
Launching new joint pass product, Cali4nia Pass to offer unrestricted access to all four California mountains -- Mammoth Mountain Ski Area, Bear Mountain, June Mountain and Snow Summit Mountain Resort
MAMMOTH LAKES, CA, Sept. 24, 2014 (GLOBE NEWSWIRE) -- Mammoth Mountain Ski Area, owner of Mammoth Mountain and June Mountain, announced today that it has entered into an agreement to acquire Big Bear Mountain Resorts in Big Bear Lake, California. Big Bear Mountain Resorts includes both Bear Mountain and Snow Summit, the largest and most popular of Southern California's ski and snowboard resorts that host nearly 800,000 winter visits annually.
The combination of these four iconic California mountain resorts creates diverse and unique offerings of both summer and winter experiences for day trips, weekend getaways and extended vacations. Bear Mountain and Snow Summit, located a short drive from everywhere in Southern California, with their full complement of outdoor activities from action sports to first-time family experiences, provide an excellent fit with the world class, big-mountain destination experience offered at Mammoth.
"We couldn't be more excited to enter into this agreement with Big Bear Mountain Resorts. These two uniquely Southern California resorts have been providing great skiing, riding and biking experiences to visitors from California and beyond. Millions have enjoyed their first mountain resort experience on the slopes of Bear Mountain and Snow Summit, and we look forward to expanding upon the legacy that Dick Kun and his people have created over the past six decades," said Rusty Gregory, Chairman and CEO of Mammoth Mountain. "This acquisition represents the beginning of a renaissance for both Mammoth and Big Bear and is the first step in the next era of skiing and riding in California. In the coming months we will be announcing exciting new development and expansion plans for each of our four resorts designed to attract visitors from down the street, across the country, and around the world."
To celebrate the occasion, Mammoth has announced a new season pass that includes unrestricted access to all four mountains at the discounted rate of $689 for adults. The new Cali4nia Pass will go on sale at the Hot Dawgz and Hand Rails event at Bear Mountain this Saturday, September 27 and will then be available online for a limited time only at www.snowsummit.com or www.Cali4niaPass.com.
"The Cali4nia Pass will cut through the clutter in the market by providing the most diverse set of resort options available in California by allowing you to ski where you want, when you want and as often as you want," said Gregory.
This transaction will create one of the nation's largest ski companies with over 2 million visitors per year.
Dick Kun, the driving force behind skiing and riding in the Big Bear region and long-time CEO of Big Bear Mountain Resorts commented: "Mammoth has always been the natural long-term fit for the Big Bear family and we are thrilled to enter this agreement. I am deeply grateful to the employees, shareholders, and the Big Bear community for their work and support during the 63 years of our operations. Mammoth's experience and leadership will ensure that Southern Californians will continue to enjoy recreating in the local mountains and will undoubtedly bring in a new era of experiences and opportunities for all of our constituents."
Houlihan Lokey served as exclusive financial advisor to Big Bear Mountain Resorts and assisted in initiating, structuring and negotiating the transaction on its behalf.
Closing is subject to certain conditions, including Big Bear Mountain Resort shareholder approval and transfer of the U.S. Forest Service Permit that permits operations on nearly 1,500 acres of the San Bernardino National Forest.
Mammoth Resorts to Acquire Bear Mountain and Snow Summit Ski Resorts in Southern California