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Fortress-backed mountain adventure company Intrawest raises $188m through IPO

31 Jan 2014

heli skiing Intrawest ResortsFortress Investment Group-owned mountain resort and adventure company Intrawest Resorts has raised about $188m in its IPO.

Intrawest sold 15.6 million shares at $12 each according to Bloomberg data, after offering them for between $15 and $17 each.

The business, which includes North America’s largest heli-skiing company, owns interests in seven mountain resorts and had revenues of $524m during fiscal 2013.

Fortress bought Intrawest through a $2.8bn take-private deal in 2006.

AltAssets revealed two months ago that the company had filed to raise $100m from the listing.

A filing with the US Securities and Exchange Commission showed that Intrawest intends to new equity from the New York Stock Exchange listing to make investments and acquisitions.

It said, “[We expect] recreational adventure and experiential travel to continue to gain in popularity as individuals, including the important ‘baby boomer’ generation, live longer, healthier lives.

“We believe that our business is well positioned to capitalize on these favorable trends providing significant opportunities for us to increase visitation at our resorts and grow the scale of our businesses.”

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