Vail Resorts buys out retail group
BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) will spend $31 million to purchase the remaining 30-percent share of a local retail joint-venture, which includes Boulder Ski Deals, Colorado Ski & Golf and Bicycle Village.
The Broomfield-based ski resort company will take full control of the Specialty Sports Venture group of retail stores, after it purchases the remaining shares it does not own held by affiliated entities of Tom and Ken Gart, officials said.
The transaction is expected to close on April 30.
SPONSORED CONTENT
Federal District Court Rules Corporate Transparency Act Unconstitutional . . . But Most Small Businesses Must Still Comply
Lyons Gaddis Real Estate and Business Attorney Cameron Grant shares important details of the Corporate Transparency Act (CTA).
Concurrent with the acquisition, both Tom and Ken Gart will be leaving their leadership positions with Specialty Sports Venture — to be replaced by Kat Jobanputra, a 20-year veteran of the company and current executive vice president and chief operating officer. Jobanputra and 52 other corporate retail employees will relocate from their headquarters in Denver to Vail Resort’s headquarters in Broomfield in the fall of 2010, officials said.
The Gart Family will continue to own Gart Properties and Gart Capital Partners, which owns real estate across Colorado, including The Village Shopping Center in Boulder.
Specialty Sports Venture has more than 145 retail/rental locations specializing in sporting goods including, ski, snowboard, golf and cycling equipment. Specialty Sports Venture also owns and operates www.rentskis.com, a ski rental website and the equipment provider for online travel websites such as Travelocity.com, Expedia.com, Orbitz.com and Ski.com.
Vail Resorts, Inc. through its subsidiaries operate the mountain resort properties of Vail, Beaver Creek, Breckenridge and Keystone mountain resorts in Colorado, the Heavenly Ski Resort in the Lake Tahoe area of California and Nevada, and the Grand Teton Lodge Company in Jackson Hole, Wyo.
BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) will spend $31 million to purchase the remaining 30-percent share of a local retail joint-venture, which includes Boulder Ski Deals, Colorado Ski & Golf and Bicycle Village.
The Broomfield-based ski resort company will take full control of the Specialty Sports Venture group of retail stores, after it purchases the remaining shares it does not own held by affiliated entities of Tom and Ken Gart, officials said.
The transaction is expected to close on April 30.
Concurrent with the acquisition, both Tom and Ken Gart will be leaving their leadership positions with Specialty Sports Venture —…
THIS ARTICLE IS FOR SUBSCRIBERS ONLY
Continue reading for less than $3 per week!
Get a month of award-winning local business news, trends and insights
Access award-winning content today!