An affiliate of KSL Capital Partners has entered into a purchase agreement to acquire Intrawest ULC's 24% interest in Whistler Blackcomb Holdings Inc. (TSX:WB), both companies announced yesterday.
KSL has agreed to buy Intrawest's 9,092,500 common shares in Whistler Blackcomb for $12.75 per common share.
"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," said Eric Resnick, co-founder and managing director of KSL and newly appointed board member at Whistler Blackcomb.
"Whistler 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."
As a result of this transaction, Bill Jensen has resigned as CEO and director, and Wes Edens and Jonathan Ashley have resigned as directors, all effective at closing.
The company's current chief operating officer and president, Dave Brownlie, has been appointed president, chief executive officer and director. Along with Eric Resnick, KSL partner Peter McDermott has been appointed to the board.
KSL Capital Partners, LLC, is a private equity firm with offices in Denver and New York. It specializes in travel and leisure enterprises in hospitality, recreation, clubs, real estate and travel services.
Intrawest is disposing of its interest in Whistler Blackcomb Holdings as part of a refinancing.
The transaction is expected to be completed today.