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Fortress-owned ski resort, adventure company Intrawest files for $100m IPO

12 Nov 2013

heli skiing Intrawest ResortsFortress Investment Group-owned mountain resort and adventure company Intrawest Resorts has filed to raise up to $100m through an IPO.

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.

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.”

Earlier this month AltAssets reported that Fortress had seen the value of its private equity fund portfolios soar by 10 per cent in the third quarter thanks to performance rises in two of its funds.

The firm said the rise was driven by improvements in Fund IV and V investments and a rise in Nationstar Mortgage Holdings.

Fortress raised $1.1bn of new capital in the quarter through a first and final close for its MSR Opportunities Fund II, bringing its total capital raised during the year to more than $2.4bn.

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