Mammoth Mountain Ski Area to Acquire Big Bear Mountain Resorts in California
October 1, 2014 - Mammoth Mountain Ski Area, owner of Mammoth Mountain and June Mountain, announced earlier it has entered into an agreement to acquire Big Bear Mountain Resorts in Big Bear Lake, California.
Big Bear Mountain Resorts includes both Bear Mountain and Snow Summit, the largest and most popular of southern California's ski and snowboard resorts that host nearly 800,000 winter visits annually.
The combination of these four iconic California mountain resorts creates diverse and unique offerings of both summer and winter experiences for day trips, weekend getaways and extended vacations.
Bear Mountain and Snow Summit, located a short drive from everywhere in southern California, with their full complement of outdoor activities from action sports to first-time family experiences, provide an excellent fit with the world class, big-mountain destination experience offered at Mammoth.
“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, 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.
This transaction will create one of the nation's largest ski companies with over two million visitors per year.
Dick Kun, the driving force behind skiing and riding in the Big Bear region and long-time chief executive 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 63 years of our operations.
“Mammoth's experience and leadership will ensure that southern Californians will continue to enjoy recreating in the local mountains and will undoubtedly bring in a new era of experiences and opportunities for all of our constituents,” continued Kun.
Houlihan Lokey served as exclusive financial advisor to Big Bear Mountain Resorts and assisted in initiating, structuring and negotiating the transaction on its behalf.
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