Denver-based Intrawest Resorts Holdings, which operates Steamboat Ski & Resort, Winter Park Resort and other ski resorts in the U.S. and Canada, has registered for an initial public offering seeking to raise as much $100 million.
In a filing Tuesday with the U.S. Securities and Exchange Commission, the company said it intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include potential investments in and acquisition of ski and adventure travel businesses and assets.
"The North American ski industry is highly fragmented, with approximately 753 ski areas in North America, of which fewer than 10 percent are owned by multi-resort operators who operate four or more ski resorts. The adventure travel industry is similarly fragmented," said Intrawest in its filing. "We intend to evaluate acquisition opportunities where the opportunity would provide a strategic fit within our existing portfolio of businesses. We believe that opportunistically acquiring additional mountain resorts that are proximate to our existing resorts will enable us to enhance product and operational synergies."
However, the company noted that as a firm with less than $1 billion in revenue during the past fiscal year, Intrawest qualifies as an "emerging growth company" pursuant to the Jumpstart Our Business Startups Act of 2012. Because it is an emerging growth company, said Intrawest, it may take advantage of specified exemptions from various requirements that are otherwise applicable generally to public companies in the United States.
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