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KSL buys 24% stake in Winter Olympic ski resort Whistler Blackcomb

4 Dec 2012

Travel and leisure-focused buyout house KSL Capital Partners has bought a 24 per cent stake in the official ski resort of the 2010 Winter Olympics, Whistler Blackcomb.

KSL has acquired more than nine million shares in the Canada-based company from Intrawest at $12.75 each, in conjunction with an Intrawest refinancing.

Whistler Blackcomb CEO Bill Jensen and directors Wes Edens and Jonathan Ashley have all resigned following the deal, with COO Dave Brownlie has become president and CEO.

KSL co-founder and managing partner Eric Resnick and partner Peter McDermott will both join the company’s board to replace the outgoing directors.

Resnick said, “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.

“Peter and I are looking forward to working with the board to grow the business.

“Whistler Blackcomb 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.”

Whistler Blackcomb owns a 75 per cent stake in both Whistler Mountain Resort and Blackcomb Skiing Enterprises, which between them run the four season mountain resort business in Whistler, British Columbia.

The assets are the latest addition to a KSL portfolio that includes The Belfry golf course, The Grove Park Inn and ClubCorp, one of the world’s largest owners of private golf and business clubs.

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