As previously reported by Peak, its current cash position is restrained by delays in the release of funds raised through the EB-5 Program, as well as the negative effects that unseasonably warm weather had on revenues during the 2015-16 season. This investment will provide Peak with increased flexibility to meet short- and long-term liquidity and maintain flexibility for the future.

“We are pleased that our long-time shareholder, Summer Road, has decided to make this additional significant investment in our company,” said Tim Boyd, Peak president and CEO. “It is a strong validation of the quality of our assets and the opportunity in front of us. This investment will significantly strengthen our balance sheet, today and into the future.”

Rory Held, senior vice president at Summer Road LLC, commented, “Peak Resorts has created a leading collection of regional drive-to ski resorts in the United States, each of which has a history of consistent visitation and profitability. The company has an experienced and proven leadership team with the skills to execute accretive acquisitions in an industry that has growing participation and limited new supply sources. The proposed transaction shows our support for Peak Resorts’ current and future growth projects.”