Intrawest goes public with NYSE stock offering "SNOW"
February 4, 2014
Intrawest Resorts Holdings, Inc., which owns Winter Park Resort as well as a number of other ski resorts and adventure companies, is now being publicly traded on the New York Stock Exchange under the symbol "SNOW," after the company announced its initial public offering of 15,625,000 shares of common stock at $12 per share.
The company hopes to cultivate growth with the move to go public in two forms. The first being as working capital for its already existing businesses, such as Winter Park Resort and Steamboat Ski Resort, and the second in the form of "potential investments in, and acquisitions of, ski and adventure travel businesses and assets," according to a press release from the company dated Jan. 30.
The press release states that the company plans to see an estimated $35.1 million in net proceeds from the offering after deducting underwriting discounts and commissions as well as estimated offering expenses.
The company says it does not have any specific plans on how to use the net proceeds
"It's exciting to me as a local resident," said Gary DeFrange, president and chief operating officer for Winter Park Resort. "I want to make sure we are affiliated with a company that is a really strong company that really has a good future."
Looking to the future is exactly what the move to go public is all about for Intrawest as they leave behind the past when the company was more focused on real estate than the resort and activity market.
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In the past there was a time when the company was over-leveraged, holding too much debt in relation to its assets, DeFrange said. "But that has all been taken care of now," he said, citing the reorganization of the company's capital structure among other updates to the company's business model.
Winter Park Resort is looking toward the future as well and will be implementing plans to construct a new restaurant where the Lunch Rock restaurant currently sits, according to DeFrange.
Lunch Rock currently has seating for about 40 people inside the restaurant and room for about 50 to 60 people to sit outside of the restaurant.
The new restaurant that the resort plans to build will have inside seating for as many as 250 people, while having enough space for 150 people to sit outside.
The resort also plans to build water and sewer lines to the location to allow for restrooms to be built at the new restaurant.
The new restaurant would, of course, be built to make the most out of the views from the area, DeFrange said.
Going public to help grow the company is what gives the individual resorts the company owns the ability to do projects of this nature, according to DeFrange.
Winter Park Resort is also batting around the idea to implement night skiing at the resort by installing a special kind of lighting system designed specifically for illuminating snow.
Steamboat Ski Resort installed a similar lighting system last year, and whether Winter Park Resort decides to install lights depends on the success Steamboat sees from the operation, which they have reported has been largely successful.
"It is always an exciting time when you take a company public," DeFrange said. "The whole objective is to grow the company."
Reid Tulley can be reached at 970-887-3334