Boston investment firm Arctaris Impact Fund completed a reported $6.5 million acquisition of Saddleback Mountain ski area from the Berry family on Friday afternoon.
The purchase of Saddleback ski area will be delayed until early next year while a state finance agency reviews an application for debt insurance that the sale depends on.
A Boston investment firm has made an offer to buy Saddleback Mountain, pledging to invest $25 million to $30 million after the sale to help restart the Rangeley ski resort, which has been closed for four years.
New owner Sebastian Monsour, chief executive officer of the Majella Group, accepts the traditional wooden ski from former owner Bill Berry. (Saddleback/Facebook)
Australian company Majella Group has signed an agreement to purchase Maine’s Saddleback Mountain Resort from Bill and Irene Berry. The purchase includes all holdings of the resort, including the resort, base lodge, ski lifts and surrounding timberland, totaling 6,337 acres.
Saddleback, Maine's third largest resort, overlooks the Rangeley Lakes. (Saddelabck/Facebook)
After an idle 2015-16 season, Maine’s Saddleback may have new owners in its future.
In the latest update from Maine’s Saddleback, the resort has posted on their website that “prospective new owner and the Berry Family feel confident that we will complete a transaction - opening by late January.”
Saddleback Mountain in Maine says it won’t open this winter if it's not able to secure $3 milllion in financing by early August to replace a 51-year old double lift.
Saddleback, Maine is certainly a big mountain, with a 2,000-foot vertical drop and a top lift elevation over 4,000 feet, one of only seven ski mountains in New England that high. But it's prices are comparable to those of a small mountain.
Nirvana continues for skiers and riders up and down the east coast as the seemingly never-ending winter forges on toward a supposed conclusion. The irony is that most resorts will have ample snow when they quiet their lifts for the season.
A number of Northeast resorts have been able to fire up their snowguns to carry the season well into April, even as numerous others have either closed for the season or significantly reduced their amount of open terrain. All of this is the result of last week’s unprecedented meltdown,