Sugarbush, Vermont College get new owners

Vermont Business Magazine, Nov 01, 2001 by Hedbor, Eloise Roberts

In early October, four local investors finalized the purchase of the Sugarbush Resort. Previous owner American Skiing Company, which also owns Killington and Mt Snow in Vermont, has had serious cash-flow problems, but had not, reportedly, been actively soliciting a buyer for Sugarbush.

The new owner is Summit Ventures NE. Inc, Principals of Summit are Bob Ackland, who will be the general manager of Sugarbush, storeowner and innkeeper Win Smith, entrepreneur Thomas McHugh, and Joe Riemer, a Connecticut lawyer.

Although the new owners nave said they have no magic bullet for transforming the resort, area businesses have greeted the change of ownership with enthusiasm, hoping it will mean improved financial stability.

A healthy, vibrant Sugarbush Resort can help increase patronage for many Mad River Valley businesses. Local business people do not believe the change of ownership will in of itself make a difference, but most think it will improve the business atmosphere - and thus, the economy - in the Valley.

Some are taking a "wait and see" attitude, but there is cautious optimism among these people who depend so heavily on the tourist traffic, much of which is drawn here by the resort. There is a consensus that the new ownership will prove an improvement over that of cashstrapped American Skiing,

Specific terms of the sale to Summit Ventures NE were not announced, but part of the agreement stipulated that the new owners will honor Sugarbush season passes that have already beet) sold for the upcoming 2001/2002 ski season.

The Newry, Maine-based American Skiing Company, is the largest operator of alpine ski, snowboard and golf resorts in the US. The company is expected to use proceeds of this sale to reduce its debt.

Ackland, who was formerly with Sugarbush, has most recently been general manager of Mad Rivet Glen ski area and has broad experience in the ski industry.

JOINING THE UNION

A few days earlier, Vermont College in Montpelier became part of The Union institute, ending almost 30 years of association with Norwich University in Northfield, the nation's oldest private military school. The formal ceremony to transfer the college came on September 30, eight months after Norwich President Richard Schneider announced the proposed sale.

The Union Institute focuses on adult education, awarding undergraduate degrees as well as doctorates, and has a current enrollment of 2,200. It was formed in 1964 as a consortium that included Hofstra University, Bard College, Antioch College, and Sarah Lawrence College, among others, committed to offering a high-quality educational alternative to adults and to innovation in higher education.

In 1969, the Union Institute, then known as The Union for Experimenting Colleges and Universities, was incorporated in the State of Ohio as a degree-granting institution. In 1982, the consortium was dissolved and the institution became a free-standing university, and in 1989, the name was changed to The Union Institute.

Vermont College will join its other regional centers at Cincinnati, Miami, Los Angeles and Sacramento.