NORWALK, Conn.--(BUSINESS WIRE)--July 19, 2005--GE Commercial Finance Global Media & Communications announced today that it has provided an $18 million financing facility used in part by Valor Equity Partners for the acquisition of Southern California-based skiing and snowboarding resort Mountain High. GE served as administrative agent and sole lender for the transaction, which closed July 12, 2005.
"We found GE's Global Media & Communications' team knowledge of the ski industry and understanding of Mountain High's uniqueness to be extremely valuable in the structuring of an arrangement appropriate for this notable acquisition," stated Jonathan Shulkin, principal and chief financial officer, Valor Equity Partners. "In addition, GE's financial strength and long-term outlook for Mountain High's potential growth prospects were crucial to the success of the transaction."
Mountain High is Southern California's most popular winter resort, hosting more than half a million ski/snowboard visits per year. Located an hour from Los Angeles and Orange County, the resort features two mountains covering 220 skiable acres including terrain parks and other features that are nationally recognized in the industry. Each base area is complete with restaurants, rentals, lessons and sports shops.
"We are very pleased with GE's commitment to facilitate this exciting and important step in Mountain High's development," said Karl Kapuscinski, chief executive officer, Mountain High. "We look forward to working with GE and Valor to further improve our operations and offer our customers additional services and amenities, including the re-opening of the Ski Sunrise resort property as a new snow play area for families that will be operational for the upcoming '05/'06 season."
Lofton Spencer, vice president, GE Commercial Finance, who led the financing arrangement for the Global Media & Communications' entertainment division, noted that, "During the past few years the winter recreational sector has experienced consistent participation growth. This growth is expected to continue, driven primarily by the target demographic of active youth. Mountain High's proximity to the metro Los Angeles market uniquely positions the Company to directly benefit from this trend."
About Valor Equity Partners
Valor Equity Management ("Valor" or the "Firm") formed Valor Equity Partners L.P. (the "Partnership" or the "Fund") to act as lead equity investor focused on investing in manufacturing and service companies in the lower middle market. Valor Equity Partners, L.P. is a Small Business Investment Company licensed by the U.S. Small Business Administration. Valor acts as the general partner of the $120 million Fund. The members of Valor have consistently focused on the lower middle market and collectively possess over 65 years of investing experience.
About GE Commercial Finance Global Media & Communications
With over $4 billion in assets and offices in Atlanta, Chicago, Delhi, Hong Kong, London, New York, Norwalk and San Francisco, GE Commercial Finance Global Media & Communications represents a "one-stop" source for the comprehensive range of GE's lending and other structured financial services offered to the media, telecom, entertainment and technology marketplace. For more information, please visit www.gegmc.com.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $230 billion and is headquartered in Stamford, Connecticut. GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts
GE Commercial Finance
Ned Reynolds, 203/229-5717
or
TorranceCo
Mark Prindle, 212/786-6132
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340