Group of local investors to acquire Killington Resort & Pico Mountain

Longtime Killington skiers commit to preserving and enhancing Vermont’s largest ski area

At 10 a.m. Thursday, Aug. 22, Killington Resort announced that Killington Resort & Pico Mountain are being sold from POWDR to a passionate group of local passholders. This landmark purchase represents a commitment to keeping Killington and Pico in the hands of those who know and love it, with plans to increase capital investment while preserving the mountains’ unique character and community.

“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 new ownership group, deeply rooted in the Killington community, plans to focus on capital investment, community engagement and sustainability to ensure the resort can continue to enhance the operational excellence and hospitality Killington and Pico are known for.

“We are grateful to POWDR for their stewardship over the years, as Killington saw substantial improvements to infrastructure, snowmaking capabilities, and year-round growth. For our families, Killington is more than just a business or asset to own; it is our home,” said Phill Gross and Michael Ferri, two of the lead investors. “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.”

Phill Gross has a long history in the winter sports community serving as a board member of the U.S. Ski and Snowboard Association and the World Cup Dreams Foundation and as a founder of Share Winter Foundation and the Killington World Cup Foundation. He and his family have been Killington homeowners since 1986.

For our families, Killington is more than just a business or asset to own; it is our home,” said Phill Gross and Michael Ferri, two of the lead investors.

Michael Ferri has been involved in skiing and ski racing since he was a boy coming up to Killington in the winter. He and his family have owned a home in Killington since 1970. Ferri is a partner and owner of Valvoline Instant Oil Change franchises on the East Coast and has served as a Killington Mountain School trustee since 2008.

The unique background of the new ownership group will allow the Killington brand to embrace its local roots and further cement its place as the Beast of the East.

Guests can expect daily operations to be business as usual, with a continued focus on offering unsurpassed year-round mountain adventure grounded in hosting the longest winter season in the east and hosting the Stifel Killington Cup, Nov. 30-Dec. 1, 2024.

Killington Resort, the town of Killington and the Great Gulf partnership will continue to build out the brand-new mountain village.

Killington and Pico will remain on the Ikon Pass and there will be no changes to the leadership, management or front-line teams, ensuring continuity and stability in our operations.

“We are proud of all that we have accomplished with the team at Killington over the last 17 years to enhance the skier experience with investments in new lifts, tunnels, and snowmaking, all while delivering the best customer service in the industry. Over the years Killington celebrated the opening of two lodges: the Peak, and most recently the K-1 Base Lodge,” said Justin Sibley, CEO of POWDR, “We will miss the entire team there, but cannot wait to see the amazing things that lie ahead.”

POWDR retains a minority ownership stake in the new entity and will have a seat on the board of directors, reflecting the company’s continued belief in the future of Killington.

Further details about capital investments will be announced after the closing, which is expected to occur this fall pending standard closing conditions and necessary approvals.

No sales price was publicly announced in Thursday’s news release.

POWDR and SP Land Company purchased Killington and Pico in 2007 from American Skiing Company for for $83.5 million.

The purchase and sale agreement was signed on Wednesday, Aug. 21, 2024, and the deal is expected to be finalized by the end of September, pending standard closing conditions and necessary approvals.

The sale will include all of Killington Resort including Pico Mountain, the Wobbly Barn, Killington Sports, Killington Golf Course, the Adventure Center and the Killington Grand Hotel, our employee housing locations, wastewater treatment facility etc. The mountain itself sits on 3,000 acres and boasts 92 miles of diverse snow sports terrain spread across six peaks served by the most expansive lift network and snowmaking system in Eastern North America. In addition to skiing and riding, Killington offers 30 miles of mountain biking trails (with expansion underway with Gravity Logic), plus 15 miles of hiking trails.