The snow industry in South America has just taken a historic turn. The U.S. company Mountain Capital Partners (MCP), based in Durango (Colorado), has announced the acquisition of a majority stake in the Chilean company Andacor S.A., operator of the El Colorado, Farellones Park, Pillán and Volcán Osorno ski resorts. This purchase, which is part of the strategic project known as Project Mantra, will consolidate the ski resorts that make up the popularly known domain of the Three Valleys of the Andes under a single operator.

For decades, the Valle Nevado, La Parva and El Colorado-Farellones resorts have coexisted as immediate neighbors in the Andes Mountains, less than an hour from Santiago de Chile. However, despite their physical proximity, their operations have historically been fragmented, with independent passes, separate management and little interoperability for the skier. This reality began to change in January 2023, when MCP purchased Valle Nevado, and accelerated its transformation with the acquisition of La Parva in May 2024. Just weeks later, both resorts began operating under a single ski pass, facilitating seamless access between their slopes.

Project Mantra: the decisive piece to create the largest ski area in the southern hemisphere

The operation announced in July 2025 is the definitive step towards the full integration of the domain. MCP signed an agreement with Grupo Cururo (Andacor’s controller) to acquire a majority stake through a capital injection of up to US$6 million, through the issuance of at least 2,843,484 new Andacor shares, at a maximum subscription value of CLP 3,938 per share. This investment, although still subject to the approval of the National Economic Prosecutor’s Office (FNE), will make MCP the majority shareholder of the company.

The operation is not free of observations. The FNE had already initiated an ex officio investigation after the purchase of La Parva by MCP, due to the possibility of a dominant position in the market. Given that the metropolitan region concentrates most of the country’s skiing demand, and that the three main resorts will be controlled by a single entity, mitigation measures such as price commitments or access conditions are being considered. For its part, MCP maintains that the transaction is below the legal thresholds for requiring formal notification, but has expressed its willingness to cooperate with the authorities.

A vision of scale: the Coleman model

At the helm of MCP is CEO James Coleman, accompanied by Scott Price and Kuzi Mutsiwegota. The group already manages 13 ski resorts in the United States, applying an operational integration model that seeks economies of scale and mass access. They currently manage the following ski resorts:

  1. Valle Nevado (Chile) – acquired in March 2023; it is MCP’s first international resort and the largest ski domain in Spanish America.
  2. La Parva (Chile) – acquired in 2024, already unified with Valle Nevado under a common ski pass.
  3. Purgatory Resort (Durango, Colorado, USA) – managed since 2015.
  4. Arizona Snowbowl (Flagstaff, Arizona, USA) – under MCP management since 2016.
  5. Hesperus Ski Area (Durango, Colorado, USA) – incorporated in 2016.
  6. Pajarito Mountain (Los Alamos, New Mexico, USA) – acquired in 2018.
  7. Nordic Valley Resort (Eden, Utah, USA) – in its portfolio since 2018.
  8. Elk Ridge Ski Area (Williams, Arizona, USA) – managed since 2019.
  9. Brian Head Resort (Utah, USA) – incorporated in 2020 with continued improvements.
  10. Willamette Pass Resort (Oregon, USA) – under MCP as of fall 2022.
  11. Lee Canyon (Nevada, USA) – acquired in April 2023.
  12. Sandia Peak Ski Area (New Mexico, USA) – assumed in 2024.

This panorama reflects the rapid and sustained growth of MCP in North America and its consolidation in Chile with Valle Nevado and La Parva, and in Chile, they identified an ideal territory: a few kilometers from the international airport and with a natural domain that could become the largest in the southern hemisphere.

According to industry sources, the consolidated skiable area would exceed 120 kilometers of slopes, with the potential to reach 7,000 acres (2,830 hectares) if the available land is used for future expansions. In addition, the domain could reach a skiable vertical drop of more than 1,800 meters, comparable to some of the most important European resorts.

This huge resort could become the largest in the southern hemisphere , surpassing Perisher in Australia, which covers approximately 1,245 ha (3,076 acres) with 45 lifts. It is an integrated complex covering four contiguous areas-Perisher Valley, Blue Cow, Smiggin Holes, and Guthega.

Infrastructure: what’s next

MCP has already announced its intention to carry out a progressive infrastructure investment plan. Based on its track record in the United States, it is foreseeable the execution of:

  • Modernization of older lifts, including fixed double and quad chairlifts that could be replaced by disengageable systems of greater capacity.
  • New upper lifts, allowing access to peaks such as Cerro Pintor or Cerro Falsa Parva, increasing the terrain for expert skiers.
  • Lower lifts, connecting with base zones at lower altitudes (~2,300 m.a.s.l.), allowing an unprecedented vertical domain in Chile.
  • Installation of unified RFID systems and flow control with intelligent ski pass, as well as renovation of base facilities.
  • Improvement of artificial snow infrastructure, especially in critical sectors with low altitude and unfavorable solar orientation.

Valuation of the sector and users

ACESKI, the association of Chilean ski centers presided by James Ackerson, has positively valued the arrival of MCP as an opportunity to dynamize the industry, broaden the base of practitioners and generate more accessible tariff conditions, including preferential prices for children and senior citizens.

However, voices from the academic and economic spheres warn of the risk of an eventual excessive concentration of the market. Francisca Labbé, a researcher at the Universidad del Desarrollo, warns of the need for the FNE to evaluate whether the operation could substantially reduce competition, especially in a region where alternative ski resorts are scarce and geographically distant.

A new map for skiing in Latin America

The acquisition of Andacor by MCP marks a before and after for the snow industry in Chile. If the FNE approves the operation and the promised investments materialize, Chile could have the largest integrated, modern and connected ski resort in the southern hemisphere in a few years.

MCP not only aims to unify three valleys; its true objective is to consolidate a world-class winter destination, capable of competing with European and North American references, and redefining the skier’s experience in the Andes.