KILLINGTON, Vt. – New England’s largest ski resort is changing hands. Powdr Corp. is selling Killington in Vermont and nearby Pico Mountain to two local investors.
Powdr owns several ski resorts in North America, but is putting some of them up for sale. The company acquired Killington in 2007 and will remain a minority shareholder and have a seat on the board of directors.
The new owners of Killington
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 has worked in the healthcare therapeutics industry. Ferri owns the Valvoline Instant Oil Change franchises and Mr. Sparkle Car Wash businesses.
“For our families, Killington is more than just a business or an asset; it is our home,” the couple said in a statement. “We are excited to lead the mountain into a substantial investment phase.”
What Killington’s Sale Means for Skiers
Killington tells skiers that they “can expect daily business to continue as normal.”
Killington and Pico will continue to accept the Ikon Pass, which gives skiers and snowboarders access to mountains around the world for a flat fee. The resort also promises “no changes in leadership, management or frontline teams, ensuring continuity and stability in our operations.”
“We believe that local ownership will allow us to better serve the needs and desires of our community and guests,” said Mike Solimano, Killington President and CEO.
According to Killington, the change in ownership will not affect the upcoming ski season schedule and it still plans to host the FIS Ski World Cup in November.
