Vail Resorts to Buy Out Remaining Share in SSI Venture LLC

On Thursday, Vail Resorts Inc. said that it is procuring the remaining stake in a multi-state retail joint venture from brothers, Ken Gart and Thomas Gart, who will be departing from their headship responsibilities in the operation.

The Broomfield-based resort operator and realty organization that runs Colorado's Breckenridge, Vail, Beaver Creek and Keystone ski mountains in addition to Heavenly at Lake Tahoe, said that it will shell out $31 million for the remaining 30% interest that it does not already possess in SSI Venture LLC, which functions as Specialty Sports Venture (SSV).

The venture between Vail Resorts and the Gart Cos. created in 1998, runs some 145 shops and ski-rental outlets making over $180 million in yearly sales. What is now SSV, was earlier run by the Gart family on its own between
1994 and 1998.

In addition to slope-side shops at several Colorado ski resorts and in Utah and Lake Tahoe, SSV operates the Colorado Ski & Golf and Bicycle Village chains in Colorado and the Any Mountain stores in California.

Vail Resorts said that the deal is likely to close on Friday.

Reported by:  TopNews.net