Wed, 05/12/2012 - 06:32
An affiliate of private equity firm KSL Capital Partners is to acquire Intrawest ULC’s 9,092,500 common shares of Whistler Blackcomb Holdings, representing roughly 24 per cent of the corporation's issued and outstanding common shares, for USD12.75 per common share.
Whistler Blackcomb understands that the Intrawest disposition is being made in conjunction with an Intrawest refinancing. The transaction is expected to be completed today.
KSL is a US private equity firm dedicated to investments in travel and leisure businesses.
As a result of the sale by Intrawest, Bill Jensen has tendered his resignation as a director and chief executive officer and each of Wes Edens and Jonathan Ashley has tendered his resignation as a director of Whistler Blackcomb, effective as of the time of closing. Also effective as of the time of closing, the board of directors has appointed Dave Brownlie, the current president and chief operating officer, as the corporation's president and chief executive officer and a director, and appointed Eric Resnick and Peter McDermott, both of KSL, as directors to fill the vacancies created by these resignations. Resnick is co-founder and managing director of KSL and has deep, long-standing ties to the ski industry. McDermott is a partner at KSL.
Concurrently with these appointments, Whistler Blackcomb’s board of directors has appointed Flora Ferraro, the current vice president of finance, as interim chief financial officer. The corporation intends to announce the appointment of a permanent chief financial officer shortly.
"KSL is delighted to be acquiring a 24 per cent interest in a world-class ski area. Whistler Blackcomb is the largest and most visited ski resort in North America and we feel that it complements our portfolio of premier travel and leisure properties. Peter and I are looking forward to working with the board to grow the business. Whistler Blackcomb has a very experienced and successful management team and we are enthusiastic to work with them as they continue to deliver a fantastic mountain experience for Whistler Blackcomb's guests" says Resnick.
"On behalf of the board of directors, I am very pleased to welcome Eric Resnick and Peter McDermott to the board. We would also like to express our appreciation to Wes Edens and Jonathan Ashley for their contributions to Whistler Blackcomb during their tenure on the board, and especially to Bill Jensen, for his valued service as Chief Executive Officer and as a director," says Graham Savage, chairman of Whistler Blackcomb’s board of directors.
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