Vail Resorts closes on CME purchase
Vail, CO Colorado
VAIL, Colorado ” Vail Resorts, Inc. announced Monday that it closed its acquisition of the resort ground transportation business, Colorado Mountain Express (CME), for a total consideration of $38.3 million.
The amount will be adjusted for the final balances of certain working capital related accounts as well as the obligation of Vail Resorts to reimburse the seller for certain new capital expenditures.
“We are pleased to be adding Colorado Mountain Express to the Vail Resorts portfolio, which represents the first touch point with many of our guests when they arrive by air to Colorado for a world-class ski, snowboard and mountain resort experience,” said Rob Katz, chief executive officer of Vail Resorts.
Colorado Mountain Express runs year-round ground transportation from Denver International Airport and Eagle County Airport to the Vail Valley, the Aspen area and Summit County.
The company offers four primary types of service, including door-to-door shuttle business, point-to-point shuttle business with centralized drop-off at transportation hubs, private chartered vans and premier luxury charter vehicles. The vehicle fleet consists of approximately 250 vans and luxury SUVs, and currently transports approximately 420,000 resort guests each year.
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