Peak Resorts Inc. has agreed to buy Pennsylvania ski resort operator Snow Time for $76 million.
Privately owned Snow Time operates three resorts: Liberty Mountain Resort, Whitetail Resort and Roundtop Mountain Resort — all within driving distance of the Baltimore-Washington market. They saw more than 600,000 visitors during the 2017-18 ski season.
Snow Time also operates two 18-hole golf courses, a 115-room hotel and 22,000-square-foot conference center at Liberty Mountain Resort.
Snow Time had revenue of about $50 million for the fiscal year ended March 31.
The $76 million purchase price includes $70 million in cash and $6 million in shares of Peak Resorts common stock.
The transaction is expected to be completed prior to the beginning of the 2018-19 ski season.
Headquartered in St. Louis, Peak Resorts (NASDAQ: SKIS) is led by CEO Tim Boyd. The company reported a profit of $12.4 million on revenue of $131.7 million for the year ended April 30.
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