Killington, the largest ski resort in New England, is getting new owners
KILLINGTON, Vt. - The largest ski resort in New England is changing hands. Powdr Corp. is selling Killington in Vermont as well as nearby Pico Mountain to a pair of local investors.
Powdr owns multiple ski resorts in North America but is putting several of them up for sale. The company bought Killington in 2007 and will stay on as minority owners and have a seat on the board of directors.
Killington's new owners
The new Killington owners are investors led by local passholders Phill Gross and Michael Ferri. Gross is a co-founder of Boston-based Adage Capital Management and was in the healthcare therapeutics industry. Ferri owns Valvoline Instant Oil Change franchises and Mr. Sparkle Car Wash businesses.
"For our families, Killington is more than just a business or asset to own; it is our home," the pair said in a statement. "We are thrilled to guide the mountain into a substantial investment phase."
What Killington's sale means for skiers
Killington is telling skiers that they can "expect daily operations to be business as usual."
Killington and Pico will continue accepting the Ikon Pass, which gives skiers and snowboarders access to mountains around the world for a set fee. The resort is also promising "no changes to the leadership, management or front-line teams, ensuring continuity and stability in our operations."
"We believe that local ownership will allow us to be even more responsive to the needs and desires of our community and guests," said Mike Solimano, Killington's president and general manager.
According to Killington, the upcoming ski season schedule will not be affected by the ownership change and it still plans to host the FIS Ski World Cup in November.