Powderhorn Sells Majority Interest to Pacific Group Resorts
Deal News | Feb 17, 2025 | Gart Capital Partners Ltd
The Gart family and ski industry icon Andy Daly have sold a majority stake in Powderhorn ski area to Pacific Group Resorts, Inc. (PRGI), a Utah-based company known for managing several ski and resort properties. PRGI aims to expand Powderhorn's amenities while maintaining its status as an affordable ski destination. The sale follows investment and strategic improvements over the past few years, including the involvement of Denver's Zoma Capital and the addition of infrastructure like a high-speed chairlift and snowmaking capabilities. PRGI, chaired by Vern Greco, has been managing the ski area under the Mission: Affordable campaign since 2017. This transaction aligns with the broader transformation of Mesa County towards outdoor recreation and technology sectors. The Garts and Daly will continue to develop nearly 800 acres at the ski area's base, tapping into the growing regional interest in affordable skiing and lifestyle offerings such as slopeside tiny homes.
Sectors
- Ski Resort Industry
- Outdoor Recreation
- Real Estate Development
Geography
- United States – Pertinent because Powderhorn is located in Colorado, and the acquiring company, PRGI, is based in Utah.
- Colorado – Specific state pertinent due to Powderhorn's location and its local economic impact.
- Utah – Relevant as the location of Pacific Group Resorts, the acquiring company.
Industry
- Ski Resort Industry – Relevant due to Powderhorn being a ski area undergoing ownership changes and development.
- Outdoor Recreation – Ties into the broader economic focus of Mesa County and the ski area's development.
- Real Estate Development – Involves the development of slopeside tiny homes and other resort amenities.
Financials
- $1.4 million – The amount paid by the Gart family at auction to buy Powderhorn in 2011.
- $5 million – Investment made in Powderhorn for infrastructure improvements including a high-speed chairlift.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Powderhorn Resort | Target Company | Company | A ski area on the Grand Mesa sold to Pacific Group Resorts. |
| Gart Capital Partners Ltd. | Selling Company | Company | The private equity firm associated with the Gart family, involved in the sale. |
| Pacific Group Resorts Inc. | Bidding Company | Company | The company acquiring a majority interest in Powderhorn ski area. |
| Zoma Capital | Former Equity Partner | Company | An investment fund previously involved with Powderhorn for development purposes. |
| Andy Daly | Co-Owner/Developer | Person | Ski industry pioneer and former owner, still involved in ski area development. |
| The Gart Family | Former Owners | People | Former majority owners who have sold their interest in the ski area. |