The Family That Quietly Owns America's Ski Mountains - SnowBrains

"Henry Crown was born as Henry Krinsky in Chicago in 1896 to Lithuanian immigrant parents. With just an eighth‑grade education, he and his brothers founded the Material Service Corporation in 1919, selling gravel, sand and building materials to the booming Midwest construction industry. By the late 1950s, Crown had used that business as a springboard into defense contracting, gaining controlling interest in General Dynamics in 1959."

"America's ski industry is dominated by two players, Vail Resorts and Alterra, which combined control around 50% of the market. While Vail Resorts is a publicly listed company with largely institutional ownership, Alterra is a privately held company owned by two firms: KSL Capital Partners and Henry Crown & Company. But Henry Crown & Company is not some anonymous venture capitalist, it is the family office of Henry Crown's heirs."

"Crown had three children: Robert Crown (1921-1969), Lester Crown (born in 1925) and John J. Crown (1929-1997). As the oldest child, Robert Crown grew up in the family business, however, following his sudden death at the age of 48 from a heart attack, his brother Lester took the reins, while youngest brother John pursued a career as Cook County judge and also raised cattle in Illinois."

Henry Crown, born Henry Krinsky to Lithuanian immigrant parents in 1896, built a business empire starting with Material Service Corporation in 1919, supplying construction materials to the Midwest. He expanded into defense contracting and gained controlling interest in General Dynamics in 1959. Crown also owned the Empire State Building from 1951 to 1961, selling it profitably. His three children—Robert, Lester, and John—inherited the family legacy. After Robert's death at 48, Lester Crown assumed leadership of the family business. Today, Henry Crown & Company, the family office of Crown's heirs, owns a significant stake in Alterra Mountain Resorts, which controls approximately 25% of America's ski industry alongside Vail Resorts.

Read at SnowBrains