Wall Street

Aspen Skiing Co. & KSL Buy Mammoth, Too

by The Editors on April 12, 2017

Mammoth has always wanted to be Aspen. And now, it appears their wish has finally come true. Two days after picking up Intrawest for a reported $1.5 billion, the Denver, Colorado based Aspen Skiing Co./KSL partnership has picked up Mammoth, June, Snow Summit, and Bear Mountain for an undisclosed sum according to a Jason Blevins story in the Denver Post.

Rusty Gregory, the longtime manager and chief executive of Mammoth Resorts, in a statement called the move “the next logical chapter in the story of Mammoth. . . This new platform, built around a collective passion for the mountains and our commitment to the people who visit, work and live there, is exactly what the ski resort business needs.

We’re not sure that having every single resort in the USA owned by two companies is exactly what the ski resort business needs, but we’re pretty certain it won’t change much for the average shred. That Aspen leaf in the logo always did look like two tusks and a trunk to us anyway.

[Link: Denver Post]

 

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Aspen Skiing Co. & KSL Buy Intrawest

by The Editors on April 10, 2017

Resort consolidation ratchets up a notch as Aspen Skiing Co. and private equity firm KSL Capital Partners have paid a reported $1.5 billion for Intrawest. In the deal Aspen/KSL picks up Steamboat, Winter Park, Tremblant, Stratton, Snowshoe, Blue Mountain and (through partnership with KSL) Squaw Valley and Alpine Meadows, according to a story in the Denver Post.

Intrawest once ruled the resort real estate game, but has fallen on hard times recently. Guess, this is as good a deal as they could have hoped for and as far as we can tell it rarely matter who owns the resorts we ride. Mountains are mountains.

[Link: Denver Post]

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Slater’s Florida Wave Pool Foes

by The Editors on March 30, 2017

Seems not everyone in Florida is stoked about the possibility of a Kelly Slater Wave Co. pool getting built in Palm Beach, Florida, according to a story in the Palm Beach Post. They fear what happened in the Austin, Texas wave park could happen to them.

Jupiter Farms residents and others from different parts of the county fear a replay of that failure, which they say could threaten the water supply from the nearby Pine Glades Natural Area. “I urge you to nip this in the bud and deny the zoning changes rather than using valuable staff time on this,” Boynton Beach resident Chris Lockhart wrote to county commissioners. “If you do not, I ask that you direct staff to consider the impacts to Pine Glades Natural Area and other adjacent and nearby conservation lands, impacts on our water resources, etc.”

We’re still wondering who really wants to surf an unchangingly perfect wave in dirty pool water on the edge of an industrial park every day? Anyone? Florida surf is bad, sure, but really? 

[Link: Palm Beach Post]

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Greg Dacyshyn Jumps Ship At Burton

by The Editors on March 17, 2017

Burton Snowboards has reportedly decided to outsource their creative direction to their former creative director Greg Dacyshyn. Confused? Don’t be. It’s what corporations, city governments, and nations have been doing for awhile now. Here’s how Jake Burton explains it:

“Greg has been with me and Burton for over 20 years. In that time, he worked his way up from an entry-level position to Chief Creative Officer. He ultimately assumed responsibility for the look and feel of every product and marketing piece in our line,” Burton says. “He has always delivered a creative look that I have been comfortable with and (more importantly) that has been well received in the market. Under this new structure, Greg will continue to have the impact that he has had in the past while giving our VP of Product, Chris Cunningham and our Chief Marketing Officer, Anne-Marie Dacyshyn, the opportunity to execute and assume direct and complete responsibility for our product and marketing.”

Sounds like a perfect gig. Do all the fun stuff, while letting your wife take responsibility. Yessssss. For the official word from Burton, please follow the jump. 

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Quiksilver Now Owned By Boardriders, Inc.

by The Editors on March 8, 2017

Today (March 8, 2017) the corporation formerly known as Quiksilver has officially changed its name to Boardriders, Inc. 

“The renaming of our company signifies the beginning of a new day at Boardriders. Our teams around the world have been building our resurgence brick-by-brick. Their passion and tireless execution, along with the loyalty of our customers, suppliers, and partners, has allowed us to complete the restructuring phase of our turnaround and to begin shifting our focus to growth,” said Pierre Agnes, Chief Executive Officer of Boardriders.

So, Quiksilver, Roxy, and DC Shoes are now owned by Boardriders, Inc. What a wonderful way to separate their businesses from the struggling brand (and a not-so-pretty recent financial fiasco). To read the official release, please follow the jump.

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Billabong Does A Business Thing

by The Editors on February 23, 2017

So, today Billabong announces they’re selling the Tigerlilly fashion brand. And while we couldn’t care less about the news, what we always find comical in these transactions is what the company says about the transaction and how it fits right in with the company’s fiscal plans (plans that are always in direct opposition to the reasons the company bought the brand in the first place).

For example, in December of 2007 when Billabong bought Tigerlilly then CEO Derek O’Niell said: ”We have been seeking to expand our girls business and Tigerlily, with its accent on swim, is very complementary to our Billabong Girls brand.”

Now, seven years later, while selling the brand Billabong says: “The transaction is in line with Billabong’s strategy to simplify its brand portfolio.”

See what they did there? In an odd twist (at least for Billabong) this sale will reportedly generate more revenue than the company originally paid for the brand. The sale will reportedly generate $60 million and they only paid $5.8 million for seven years ago. Usually, it’s the other way around. Follow the jump for the official release.

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Vail Buys Stowe For $50 Million

by The Editors on February 21, 2017

It’s getting harder and harder to spend a dollar at a snowboard resort without that dollar going to Vail Resorts, Incorporated. And today, it just became even more difficult as Vail took its first bite out East with the purchase of  Stowe Mountain Resort from the Mr. Mansfield Company, Inc. for $50 million.

“We’re thrilled to add Stowe Mountain Resort to our family of world-class mountain resorts. With the investments in both mountain infrastructure and base area facilities that AIG has made over the years, Stowe Mountain Resort has become the premier, high-end resort for East Coast skiers and snowboarders. We look forward to working with AIG to continue enhancing the guest experience and to ensure the resort’s long-term success,” said Rob Katz, chairman and chief executive officer of Vail Resorts.

In the deal Vail Resorts is acquiring “all of the assets related to the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities) at Mount Mansfield and Spruce Peak.” Mt. Mansfield Company is keeping the Stowe Mountain Lodge, Stowe Mountain Club, Stowe Country Club, and a couple other pieces of land they’re hoping to develop in the future.

Vail’s quiver of resorts now includes, Stowe, Vail, Beaver Creek, Breckenridge, Keystone, Park CityHeavenly, NorthstarKirkwoodWhistler BlackcombPerisher in Australia; and little resorts like Wilmot Mountain in Wisconsin, Afton Alps in Minnesota, and Mt. Brighton in Michigan. Boom. For the official word from Vail, please follow the jump.

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Outdoor Retailer Is Out Of Utah

by The Editors on February 16, 2017

Today (Thursday, February 16, 2017) Emerald Expositions, the parent company of Outdoor Retailer and Interbike, announced that after holding a teleconference with Utah Governor Herbert that they will no longer be considering Utah as a potential location for future trade shows.

The shows reportedly bring nearly $45 million to the Salt Lake City economy each year, according to a story in the Salt Lake City Tribune and that money will be going elsewhere. . . Hells yeah, OR. For the official word, please follow the jump.

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Outdoor Retailer Responds To Boycott

by The Editors on February 14, 2017

In the last week the Outdoor Retailer Show has seen several companies state their opposition to the policies of Utah’s Governor Gary Herbert by announcing that they will not be attending this summer’s Outdoor Retailer Show in Salt Lake City, Utah — Patagonia, Arc’teryx, and Polartech just to name a few. With all these announcements the group that stands to lose the most is the Outdoor Retailer Show itself. And we wondered what their response would be.

In a open letter to the outdoor industry titled Our Goal is Not Just to Speak. Our Goal is to be Heard, OR Show Director Marisa Nicholson said today (Tuesday, February 14, 2017) that while several companies have announced they are leaving, other have showed their support.

“We respect that brands have to make decisions that reflect their values,” Nicholson says. “However, in the last week, the heart-felt expressions of support for the show from exhibitors of all sizes have far outweighed those choosing not to participate. Iconic brands such as adidas Outdoor, Ibex, The Conservation Alliance, The North Face, REI and Wolverine Worldwide, among many others have not only reinforced their intent to come to SLC this summer, but also, will make their voices louder than ever before. (Please look at unity.outdoorretailer.com for specific expressions of support.)

While Nicholson says OR respects the larger company’s decisions, the people she says the boycott hurts most are the smaller brands.

But the boycott of Outdoor Retailer levies the most significant negative impact on those medium and small-sized companies that count on the show to conduct business,” Nicholson says. “We have a unique, maybe even singular, opportunity to coalesce, organize, speak and lay plans to make a difference around public land awareness in such a way that it is not only heard but that it can make a positive difference.

Yes, trade show directors still believe that trade shows are important, and so do some brands, but Utah’s governor certainly isn’t helping anyone out by being staunchly against the protection of wilderness lands.

Nicholson says Outdoor Retailer is “as swiftly as humanly possible” looking for alternative locations to hold the show. So there’s that. For Nicholson’s entire letter, please follow the jump.

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Patagonia Pulls Out Of OR Show

by The Editors on February 7, 2017

Patagonia has decided that since Utah Governor Gary Herbert signed a resolution urging the President to rescind the Bears Ears National Monument, they are no longer attending the Outdoor Retailer Show in Salt Lake City.

Because of the hostile environment they have created and their blatant disregard for Bears Ears National Monument and other public lands, the backbone of our business, Patagonia will no longer attend the Outdoor Retailer show in Utah and we are confident other outdoor manufacturers and retailers will join us in moving our investment to a state that values our industry and promotes public lands conservation.“ – Rose Marcario, President and CEO, Patagonia, Inc.

That’s one way to get out of trade show. For the full word from Patagonia, please follow the jump.

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