RANGELEY, Maine (AP) - A Boston investment firm officially purchased Saddleback Mountian ski area.
Arctaris Impact Fund completed the reported $6.5 million sale Friday afternoon, said Andy Shepard, the resort’s future general manager. The mountain is expected to reopen at the end of this year.
The firm has said it plans to invest $38 million into Maine’s third-largest ski mountain. Upgrades will include replacing an old chairlift, expanding daycare and retail space and installing new snowmaking equipment. The company also plans to hire about 200 to 240 full- and part-time employees.
The Finance Authority of Maine’s board approved loan guarantees and a loan for $12.5 million Monday for Arctaris, which made it possible for the sale to move forward. Arctaris also has received a $1 million loan from the Maine Rural Development Authority.
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