Silverton Mountain co-owner Aaron Brill directs a helicopter re-supply of log anchors before a descent of Velocity Peak at the ski area in 2013. (Denver Post file)
The new owner of the Silverton Mountain ski area in southwest Colorado raised millions from investors ahead of the purchase.
Aspen-based Heli Adventures, owned by Andy Culp and Brock Strasbourger, said in a Sept. 12 Form D filing with the U.S. Securities and Exchange Commission that it had raised $13.5 million toward a goal of $25 million.
Culp told BusinessDen Monday that the funds went toward buying the ski area known for its expert-only terrain.
The filing is the first hint of the size of the deal. Culp said the SEC figures were not the exact purchase price, but declined to disclose that figure to BusinessDen and other media outlets.
Culp and Strasbourger, self-proclaimed “ski bums,” started Heli Adventures in 2016 to make backcountry skiing and adventure sports more accessible. The company vets out operators like Silverton Mountain and lets customers book adventure trips through its website.
“There’s very few places you can book adventure travel in the way you can with Heli,” Culp said. “It’s very much a growing and increasingly popular segment of the travel market, but it’s a hard space to crack because you need to know what’s going on in the market. You can’t just be any tech nerd and build a marketplace.”
Andy Culp, right, and Brock Strasbourger own Aspen-based Heli Adventures. (Courtesy Brandon Darnton)
Culp said Heli Adventures has a booking site similar to Airbnb, but for adventure travel. The company takes a portion of sales from its operators, but Culp said there’s no markup or premium charged to guests.
After spending the last seven years scouting out the best adventure spots and becoming experts in the industry, Culp said the potential to purchase sites came “organically.”
“We realized we’re well-positioned to step in and start acquiring operations,” Culp said. “That was well-received as an idea from the operator community, who in this day and age are interested in seeing their businesses change hands to passionate, private groups of owners that will respect the legacy they created.”
The duo bought their first ski operation, Great Canadian in British Columbia, in December last year. And when Silverton founders Aaron and Jen Brill were looking for someone to take over Silverton, Culp and Strasbourger stepped in.
“We … look at this as an opportunity to be stewards of an incredible brand and business in a non-corporate, non-hyper growth way, very sustainably minded and very sensitive to the things that make Silverton special,” Culp said.
Silverton Mountain describes itself as the “highest and steepest ski area in North America” with “no easy way down” and has up to 3,000 vertical feet. The Brills had been the mountain’s sole owners since they opened it in 2002.
The deal included 600 acres, as well as a Bureau of Land Management permit allowing the use of 30,000 additional public acres for heliskiing.
Culp said the entire Silverton staff is staying on, and he is moving to Silverton full time to help run operations. He said Heli Adventures, which has seven full-time employees, is the management company that oversees both ski properties.
Culp said he can see Heli Adventures acquiring more operations in the future, though he noted they’d have to be “special.”
“We definitely have our hands full,” Culp said. “We’re super satisfied with what we’ve got and don’t want to look past the big challenges and opportunities in front of us.”
Silverton Mountain is one of two Colorado ski areas to sell in September. Echo Mountain near Evergreen sold for more than $7 million, millions more than the seller paid.
Silverton Mountain co-owner Aaron Brill directs a helicopter re-supply of log anchors before a descent of Velocity Peak at the ski area in 2013. (Denver Post file)
The new owner of the Silverton Mountain ski area in southwest Colorado raised millions from investors ahead of the purchase.
Aspen-based Heli Adventures, owned by Andy Culp and Brock Strasbourger, said in a Sept. 12 Form D filing with the U.S. Securities and Exchange Commission that it had raised $13.5 million toward a goal of $25 million.
Culp told BusinessDen Monday that the funds went toward buying the ski area known for its expert-only terrain.
The filing is the first hint of the size of the deal. Culp said the SEC figures were not the exact purchase price, but declined to disclose that figure to BusinessDen and other media outlets.
Culp and Strasbourger, self-proclaimed “ski bums,” started Heli Adventures in 2016 to make backcountry skiing and adventure sports more accessible. The company vets out operators like Silverton Mountain and lets customers book adventure trips through its website.
“There’s very few places you can book adventure travel in the way you can with Heli,” Culp said. “It’s very much a growing and increasingly popular segment of the travel market, but it’s a hard space to crack because you need to know what’s going on in the market. You can’t just be any tech nerd and build a marketplace.”
Andy Culp, right, and Brock Strasbourger own Aspen-based Heli Adventures. (Courtesy Brandon Darnton)
Culp said Heli Adventures has a booking site similar to Airbnb, but for adventure travel. The company takes a portion of sales from its operators, but Culp said there’s no markup or premium charged to guests.
After spending the last seven years scouting out the best adventure spots and becoming experts in the industry, Culp said the potential to purchase sites came “organically.”
“We realized we’re well-positioned to step in and start acquiring operations,” Culp said. “That was well-received as an idea from the operator community, who in this day and age are interested in seeing their businesses change hands to passionate, private groups of owners that will respect the legacy they created.”
The duo bought their first ski operation, Great Canadian in British Columbia, in December last year. And when Silverton founders Aaron and Jen Brill were looking for someone to take over Silverton, Culp and Strasbourger stepped in.
“We … look at this as an opportunity to be stewards of an incredible brand and business in a non-corporate, non-hyper growth way, very sustainably minded and very sensitive to the things that make Silverton special,” Culp said.
Silverton Mountain describes itself as the “highest and steepest ski area in North America” with “no easy way down” and has up to 3,000 vertical feet. The Brills had been the mountain’s sole owners since they opened it in 2002.
The deal included 600 acres, as well as a Bureau of Land Management permit allowing the use of 30,000 additional public acres for heliskiing.
Culp said the entire Silverton staff is staying on, and he is moving to Silverton full time to help run operations. He said Heli Adventures, which has seven full-time employees, is the management company that oversees both ski properties.
Culp said he can see Heli Adventures acquiring more operations in the future, though he noted they’d have to be “special.”
“We definitely have our hands full,” Culp said. “We’re super satisfied with what we’ve got and don’t want to look past the big challenges and opportunities in front of us.”
Silverton Mountain is one of two Colorado ski areas to sell in September. Echo Mountain near Evergreen sold for more than $7 million, millions more than the seller paid.
