The largest shareholder in Peak Resorts, the Sackler family, will get a cash windfall from the sale of the ski area operator to Vail Resorts by AngelAuYeung
Monday
it would acquire Peak Resorts for $11 per share, all cash, which is more than double its $5.10 per share closing price, one day prior to the announcement. Peak Resorts operates 17 ski resorts, mostly in the Northeast and Midwest, including Alpine Valley in Ohio and Hunter Mountain in upstate New York.
One major beneficiary of the acquisition: the Sacklers, the family behind Purdue Pharma, the manufacturer of pain drug OxyContin. According to Peak Resorts’ latestfrom October 2018, its largest shareholder is CAP 1 LLC, a company wholly owned by Sackler brothers Richard and Jonathan. The Sacklers’ nearly 40% ownership stake, which includes preferred stock and stock warrants, is worth about $87 million based on the transaction. Some of the shares are owned by the charitable Sackler Foundation.
The Sacklers, worth an estimated $13 billion based largely on the value of Purdue Pharma, built their fortune primarily through sales of OxyContin, a highly addictive painkiller that has been called by the medical establishment one of the root causes for the nationwide opioid addiction epidemic. Purdue Pharma owns the patent for OxyContin, and is the only manufacturer of the drug.
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