Transaction Will Result in Changes to Management and Board of Directors
Dec. 3, 2012
/PRNewswire/ - Whistler Blackcomb Holdings Inc. (TSX: WB) (the "Corporation") and KSL Capital Partners, LLC ("KSL") are pleased to announce that an affiliate of KSL has entered into a purchase agreement with Intrawest ULC ("Intrawest") to acquire Intrawest's 9,092,500 common shares of the Corporation, representing approximately 24% of the Corporation's issued and outstanding common shares, for
per common share. The Corporation understands that the Intrawest disposition is being made in conjunction with an Intrawest refinancing. The transaction is expected to be completed tomorrow. KSL is a U.S. private equity firm dedicated to investments in travel and leisure businesses.
As a result of the sale by Intrawest,
has tendered his resignation as a director and Chief Executive Officer and each of
has tendered his resignation as a director of the Corporation, effective as of the time of closing. Also effective as of the time of closing, the Corporation's board of directors has appointed
, the Corporation's current President and Chief Operating Officer, as the Corporation's President and Chief Executive Officer and a director, and appointed
, both of KSL, as directors to fill the vacancies created by these resignations. Mr. Resnick is co-founder and Managing Director of KSL and has deep, long-standing ties to the ski industry. Mr. McDermott is a partner at KSL.
Concurrently with these appointments, the Corporation's board of directors has appointed
, the Corporation's current Vice President of Finance, as Interim Chief Financial Officer. The Corporation intends to announce the appointment of a permanent chief financial officer shortly.
"KSL is delighted to be acquiring a 24% interest in a world-class ski area. Whistler Blackcomb is the largest and most visited ski resort in
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" commented Mr. Resnick.
"On behalf of the board of directors, I am very pleased to welcome
to the board. We would also like to express our appreciation to
for their contributions to Whistler Blackcomb during their tenure on the board, and especially to
, for his valued service as Chief Executive Officer and as a director" commented
, Chairman of the Corporation's board of directors. "We are also pleased to appoint
as Chief Executive Officer and as a member of the board of directors. With over 24 years in ski resort management, Dave brings insight and experience to the position and I am looking forward to continuing to work with him to grow the business."
ABOUT THE TRANSACTION
KSL expects to hold the purchased shares for investment purposes. However, KSL and its affiliates expect to evaluate on an ongoing basis the Corporation's financial condition and prospects and its interest in, and intentions with respect to, the Corporation and KSL's investment. KSL and its affiliates may from time to time acquire additional common shares of the Corporation or may dispose of all or a part of their shares.