$5 million will be needed to launch the new entity.
Saturday, December 21, 2024, NewEnglandSkiIndustry.com
Initial plans to launch Black Mountain Co-op were announced by Indy Ski Pass owner Erik Mogensen at a meeting at the ski area this afternoon.
Indy Ski Pass acquired Black Mountain from the Fichera family this fall after rescuing the area from near-closure a year ago. Black Mountain Co-op LLC was registered as a New Hampshire business entity on November 12, 2024.
According to Mogensen, $5 million will be needed to launch the co-op. Of the $5 million in shareholder funds, $2.6 million would be used to purchase the ski area from Indy Pass, and another $1 million to compensate Entabeni for the investments it has made in the area. The remaining balance would be used for future Black Mountain operations. Mogensen stated that Entabeni will not charge for the labor it has put into the mountain. The price per share has not been determined.
According to Mogensen, the area currently brings in about $800,000 of top-line revenue, which will need to be tripled to be sustainable. Mogensen stated that the best opportunity to increase revenue is with food and beverage growth and by extending the length of the season.
The area opened on December 14 with top to bottom skiing.
Lift service at Black Mountain commenced during the winter of 1935-36. The Fichera family operated Black Mountain since the ski area's 1995 bankruptcy. The 1,100 vertical foot area features a lift fleet of a 1965 double chairlift, a 1984 triple chairlift, and three surface lifts.
The Indy Pass was developed as a multi-area discount product by Doug Fish in 2019. Erik Mogensen's Entabeni acquired the Indy Pass in 2023.
On October 11, 2023, Black Mountain announced that "Due to circumstances beyond our control, including soaring energy costs, unpredictable weather, extreme staffing shortages throughout the region, and many other challenges, we have made the very difficult decision to cease operations." One week later, the decision was reversed, as Indy Pass's Erik Mogensen announced that he would be providing operational support and hiring former Saddleback general manager Andy Shepard to help find a new owner. Despite a challenging winter and limited snowmaking, the area operated from December 23 to March 16.
Mogensen told the attendees at an October 2024 meeting, "this place needs to be owned by the people that are in this room," stating his goal to transfer the area to a cooperative model. Mad River Glen in Vermont has been operated as a cooperative for three decades.
