Alterra Mountain Co. on Wednesday announced that it has entered into an agreement to purchase Sugarbush Resort in Vermont, which will bring the company’s total to 15 year-round mountain destinations throughout North America, including the world’s largest heli-skiing operation. Financial terms of the deal weren’t disclosed.
Founded in 1958, Sugarbush Resort is a year-round mountain destination located in the scenic Mad River Valley of Vermont with two distinct mountains – Mt. Ellen and Lincoln Peak – that are joined by a two-mile high-speed quad. Sugarbush also has a fully appointed health and recreation club, multiple lodging properties, and the Sugarbush Resort Golf Club with an 18-hole Robert Trent Jones Sr.-designed golf course. It is also a popular destination for weddings and conferences.
“Sugarbush Resort is a premier East Coast mountain destination and we are excited to expand the Alterra Mountain Company family in the Northeast, with Sugarbush joining Stratton in Vermont,” said Rusty Gregory, CEO, Alterra Mountain Company. “Sugarbush has been a partner on the Ikon Pass since its inception and we look forward to the opportunities ahead.”
Win Smith will stay on as president and COO of Sugarbush Resort and will oversee daily operations of the destination and future capital improvement plans.
“Having been a family-owned resort for nearly two decades, we were keen to find the right next owner of Sugarbush Resort. We are delighted that Sugarbush will join the Alterra Mountain Company family, knowing that Alterra Mountain Company will continue to maintain our culture, values and commitment to our community, while bringing additional capital and other resources to make Sugarbush even better in the years ahead,” said Smith, CEO of Summit Ventures NE, LLC.
Since 2001, Sugarbush has invested $74 million in mountain improvements including seven new lifts, significant upgrades to its snowmaking system, and the revitalization of the Lincoln Peak Base area, complete with the Clay Brook Hotel and Residences and the Gate House Lodge, two skier services buildings, the Farmhouse and Schoolhouse, and new slopeside residences.
Sugarbush Resort Ikon Pass access will remain the same for winter 2019/2020, with 7-day access on the Ikon Pass and 5-day access with blackouts on the Ikon Base Pass.
The transaction is expected to close in the first quarter of 2020, and is subject to certain closing conditions, including regulatory approvals. Terms of the transaction were not disclosed. More details will be released once the transaction has closed.