New England’s largest ski resort has been sold to a local group of investors for an undisclosed price. The sale, which had been rumored for weeks, is the second recent disposition by Powdr following the sale of Lee Canyon, Nevada to Mountain Capital Partners in 2023. Lead investors in the new ownership group, Phill Gross and Michael Ferri, both have long term ties to the Killington area and ski racing. Gross is Managing Director of Boston-based Adage Capital Management and Ferri owns Valvoline Instant Oil Change franchises throughout the East Coast. Powdr will retain a minority stake and one seat on Killington/Pico’s board of directors. Current management will remain in place and the resorts will continue to participate in the Ikon Pass. “The Killington leadership team is excited about this opportunity to build on the strong foundation laid by Powdr,” said Mike Solimano, President and General Manager of Killington Resort. “We believe that local ownership will allow us to be even more responsive to the needs and desires of our community and guests.”
The sale is expected to close this fall. In an email to employees, Powdr said it also plans to list Eldora, Colorado; Mt. Bachelor, Oregon and SilverStar, British Columbia for sale in the coming weeks. The Park City-based company expects to retain Boreal, California; Copper Mountain, Colorado; Snowbird, Utah; Soda Springs, California and Woodward Park City, Utah as its only five alpine ski areas. The company has been expanding its portfolio of Woodward action sports parks of late and bidding on concession contracts with the National Park Service in order to diversify its portfolio.
During the Powdr era, Killington made significant upgrades to its infrastructure including a new K-1 lodge, Snowdon bubble six pack, North Ridge quad and new cabins on the K-1 gondola. The Beast faces significant ongoing capital needs, however, including a replacement for the Superstar Express and a higher capacity lift on Ramshead Mountain. “We are grateful to Powdr for their stewardship over the years, as Killington saw substantial improvements to infrastructure, snowmaking capabilities, and year-round growth,” said Gross and Ferri. “For our families, Killington is more than just a business or asset to own; it is our home. We are thrilled to guide the mountain into a substantial investment phase. Mike and his leadership team have done a great job, and we look forward to giving them the resources to up our game and continue to evolve Killington as a leader among world-class resorts with strong local roots.”
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