KSL Capital Partners (a leading investor in travel and leisure businesses) announced the final closing of a single-asset continuation vehicle for Alterra Mountain Company, with total commitments of over $3 billion, including the commitments of the General Partner and rollover investors.
The deal underscores KSL’s commitment to Alterra, enabling KSL to return capital to limited partners. Investors in the continuation vehicle include a diverse group of state and county pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations and insurance companies.
Created through a joint venture with an affiliate of Henry Crown & Company, Alterra was formed in July 2017 with the combination of Intrawest Resorts, Mammoth Resorts, Palisades Tahoe and Deer Valley Resort. And in 2018, Alterra created its Ikon Pass, which today provides skiers and riders access to over 50 mountain destinations with unique terrain around the world.
Morgan Stanley & Co. LLC served as financial advisor to KSL Capital Partners on the transaction. Simpson Thacher & Bartlett LLP and Hogan Lovells US LLP served as legal advisors to KSL Capital Partners on the deal.
KEY QUOTES:
“Since its formation, Alterra has grown to become an industry-leading global owner and operator of mountain destinations and brands beloved by visitors around the world. We are thrilled to reaffirm our long-term commitment to the business, and we are very grateful to our investors for supporting us in the formation of this new vehicle. This transaction allowed us to provide a significant return of capital to those existing investors who desired liquidity while welcoming a new set of investors who share our excitement about the future of Alterra. We look forward to continuing to work with Alterra in its next stage of growth.”
– Eric Resnick, CEO of KSL
“What we believe makes Alterra special is that we endeavor to respect and accentuate the elements that make each of our mountain destinations unique. Our passion for the places where we operate is only exceeded by the passion of our team members and our guests. We are extremely fortunate to have partners who share this passion and who recognize that their interests and the interests of our communities, team members, and guests are inextricably linked. We thank the entire KSL team for their continued partnership and are confident that, together, we will continue to innovate and elevate while remaining good stewards of these incredible places we get to call home.”
– Jared Smith, CEO of Alterra
