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Specialty Sports Venture Acquires Hoigaard's Sporting Goods Store In Minneapolis, Minn.

Stocks in this article: MTN

BROOMFIELD, Colo., April 24, 2013 /PRNewswire/ -- Specialty Sports Venture, the retail division of Vail Resorts, Inc. (NYSE: MTN), announced today the acquisition of Hoigaards's, a leader in the outdoor equipment and apparel industry since 1895. Located outside of Minneapolis in St. Louis Park, this 20,000 square-foot store is the leading specialty provider of snow sports equipment in the region featuring both equipment and clothing for skiers and snowboarders as well as Nordic gear during the winter months and bikes, paddle sports and camping gear in the summer months. Terms were not disclosed.

"We are thrilled to be adding such a premier and beloved outdoor specialty store in the Twin Cities area to our retail family," said Kat Jobanputra, chief operating officer of Specialty Sports Venture. "Hoigaard's has a stellar reputation and their commitment to outstanding selection, product knowledge and unparalleled customer service, are perfectly aligned with the qualities that define the Specialty Sports Venture culture and philosophy," he added.

In 1960, Hoigaard's expanded from its historical roots in the tent and awning business to become one of the first ski stores in the Midwest and for more than 50 years has continued to be one of the region's premier ski and snowboard shops.

Specialty Sports Venture will retain the Hoigaard's name and president Todd Brewer, married to a fourth generation member of the Hoigaard's family, will remain with the company as well as the majority of existing employees. Brewer, who has been with the company for the past decade, looks forward to becoming part of the Specialty Sports Venture collection.

"The opportunity to be aligned with companies like Vail Resorts and Specialty Sports Venture will allow us to continue to grow and prosper," explains Brewer. "We have the same values for employees and customers and that's very important to us," he added.

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