Fortress-owned Intrawest Resorts files to go public
(Reuters) - Mountain resort operator Intrawest Resorts Holdings, owned by private equity firm Fortress Investment Group LLC (FIG.N), filed with U.S. regulators to raise up to $100 million in an initial public offering of common stock.
The owner of Canadian Mountain Holidays, the largest heli-skiing adventure operator in the world, was taken private by Fortress in 2006 for about $2.8 billion, including debt.
Intrawest has interests in seven mountain resorts in North America and runs Club Intrawest, a private vacation club with eight locations across the U.S., Canada and Mexico.
The Denver-based company intends to use proceeds from the IPO for investments and acquisitions, it said in a regulatory filing on Tuesday. (r.reuters.com/wyg64v)
The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO could be different.
The filing did not reveal how many shares Intrawest or Fortress planned to sell or their expected price.
Intrawest said it plans to list its stock on the New York Stock Exchange, but did not disclose its intended stock symbol.
The company's net loss narrowed to $296.7 million, while revenue rose to $524.4 million in the year ended June 30, 2013.
Total long-term debt was $1.95 billion as of June 30, according to the IPO filing.
(Reporting by Aman Shah in Bangalore; Editing by Savio D'Souza)