Hoigaard's, a 118-year-old Twin Cities business and longtime fixture in the local market for outdoor gear, has been acquired by a division of Vail Resorts of Broomfield, Colo., for undisclosed terms.

The company will continue to use the Hoigaard's name, said Specialty Sports Venture, the retail division of Vail Resorts, a mountain resort firm with operations in Colorado and California. Todd Brewer, Hoigaard's president who is married to a fourth-generation member of the Hoigaard family, will remain with the company as will most of the present employees, the Colorado firm said in a statement.

Known as a provider of skis, bikes and camping gear, Hoigaard's was founded in Minneapolis in 1895 by Norwegian immigrant Conrad Hoigaard, who sold tents, tarps and awnings, and later horse covers and cow blankets. In the 1920s it entered the sporting goods market, and in 1960 it moved to 3550 S. Highway 100 in St. Louis Park, where it became a landmark because of an old industrial smokestack bearing the company's name. In 2006, the company's longtime location was redeveloped for apartments, and it moved to the Miracle Mile shopping mall in St. Louis Park.

Vail Resorts owns ski areas including Vail and Breckenridge in Colorado. The company acquired Afton Alps in Minnesota last year.