⛷️ Rolling Up Ski Mountains

Private equity’s involvement in ski duopoly Vail and Alterra

March 15, 2025

Hi all — just got back from a ski trip in Breckenridge, CO and it got me wondering about PE’s involvement in the ski industry…

PE Playbook: Alterra Mountain Company

State of Play

In January 2025, KSL Capital Partners raised a $3 billion continuation fund for Alterra Mountain Company, the owner and operator of Ikon Pass resorts. Alterra, valued at ~$7 billion enterprise value according to a 2024 industry article, reported ~$550 million EBITDA in 2023 per S&P Global, implying a ~12x EBITDA multiple.

With fresh capital from new investors in the continuation fund, KSL is expected to hold onto Alterra for the foreseeable future while continuing its acquisition spree to compete with industry leader Vail Resorts, the publicly traded company behind the Epic Pass.

But PE’s involvement in the ski industry isn’t new—it has shaped the sector for decades.

History of PE Behind the Duopoly

If you’ve been skiing in the U.S., you’ve probably encountered the Vail Resorts (Epic Pass) vs. Alterra Mountain Company (Ikon Pass) duopoly.

  • Vail Resorts (NYSE: MTN) – Owns or operates 42 ski resorts, including Breckenridge, Park City, and Whistler. Its Epic Pass gives access to over 80 ski resorts. 

  • Alterra Mountain Company (PE-owned) – Owns or operates 18 ski resorts, including Deer Valley, Palisades Tahoe, and Steamboat. Its Ikon Pass gives access to over 60 ski resorts. 

Despite controlling only 28% of the ~500 total ski resorts in the U.S., resorts under Epic and Ikon Passes cover ~75% of skiable acreage. And while the Vail-Alterra duopoly feels like a modern development, private equity has been shaping the ski industry since the 1990s.

Source: JPMorgan

1990s: Apollo’s First Play in Skiing
Like many early ski resorts, Vail Resorts was originally family-owned by George N. Gillett Jr., who also owned TV stations, real estate, and a meatpacking business through Gillett Holdings. However, his empire collapsed under the weight of junk bond-fueled expansion, leading to bankruptcy.

  • 1992 – Apollo Global Management formed Apollo Ski Partners to acquire Vail out of bankruptcy. At the time, Vail only owned two resorts: Vail and Beaver Creek (CO).

  • 1997 – Under Apollo’s ownership, Vail acquired Breckenridge and Keystone (CO) before going public.

2000s: Fortress’s Investment in Intrawest

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