Photo Courtesy of Saddleback/Facebook

Early last month it was reported that Saddleback Mountian In Rangely Maine would soon be purchased, and is now slated to reopen under new ownership in 2020. The new ownership is that of the Boston investment firm Arctaris Impact Fund, who plans to have a final deal ready and finalized this month. New general manager Andy Shepard expects that between Thanksgiving and Christmas of 2020 doors will be reopened and lifts will be spinning.

Photo Courtesy of Saddleback/Facebook

If anyone else has been keeping up with the status of Saddlebacks Ownership, you know how confusing and frustrating it has been. 90% rumors and 10% some Australian guy who’s in jail now for investment fraud. Regardless that is the past now and after this news, we are all looking forward to the future. Shepard kept the good word coming when he mentioned the plans to replace the current double lift with a high-speed quad, install a new T-bar, and give the dated lodge a facelift.

The Arctaris Impact Fund goes about its business in a non-traditional manner, using what it calls “Growth Debt” to justify its purchases. Arctaris’s website describes this investment strategy as “ a new type of growth financing.. a blend between traditional bank debt and venture capital. GrowthDebt offers a flexible structure with variable payments that lets companies grow without having to dilute ownership." Dennis Hoey described this strategy as targeting underserved communities where economic development, as well as employment levels, are lacking.

More news and a full development plan should be coming soon and when it does I'll break it all down.