AP • February 2, 2020
A Boston investment firm has officially purchased Saddleback Mountian ski area. Arctaris Impact Fund completed the reported $6.5 million sale Friday afternoon. 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 Finance Authority of Maine's board on Monday approved loan guarantees and a loan for $12.5 million for Arctaris, which made it possible for the sale to move forward.