Thursday, September 25, 2014

Mammoth Mountain Acquires Bear Mountain and Snow Summit Resorts

Mammoth Mountain Ski Area, owner of Mammoth Mountain and June Mountain, has entered into an agreement to acquire Big Bear Mountain Resorts and its Bear Mountain and Snow Summit resorts, which host nearly 800,000 winter visits annually. The transaction will create one of the nation’s largest ski companies, with more than 2 million visitors per year.
The combined areas will offer a new joint pass, the Cali4nia Pass ($689), with unrestricted access to all four areas. The 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 combination of these four mountain resorts creates diverse and unique offerings of both summer and winter experiences for day trips, weekend getaways and extended vacations", according to a prepared statement from Mammoth. Bear Mountain and Snow Summit, "with their full complement of outdoor activities from action sports to first-time family experiences", complement the big-mountain destination experience offered at Mammoth, the statement continued.
"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", added Gregory.
Dick Kun, 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 63years of our operations".
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 Mountain Ski Area is the leading four-season mountain resort in California. With 1.3-1.5 million annual skier visits, Mammoth Mountain is the third most frequented ski resort in the United States. With longstanding commitment to athletic excellence and innovative alpine, freestyle and nordic terrain, Mammoth is proud to be an official USSA training facility. The company owns and operates a variety of resort businesses including recreation, hospitality, real estate development, food and beverage and retail. Specific businesses owned and operated by Mammoth Mountain include Mammoth Mountain Ski Area, June Mountain, Tamarack Lodge and Resort, Mammoth Snowmobile Adventures, Mammoth Mountain Bike Park and the Mammoth Mountain Inn. Mammoth Mountain also operates Juniper Springs Resort, the Village Lodge and Sierra Star Golf Course in Mammoth Lakes, California.

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