Boston-based Arctaris Impact Fund, LP, announced Friday, January 31, the official purchase of Saddleback Mountain Ski Resort for $6.5 million. The firm plans to invest $38 million into Maine’s third-largest ski area and has tapped outdoor marketing agency Origin to lead a rebranding.

The ski resort is expected to reopen at the end of 2020. Upgrades will include a high-speed detachable quad chairlift, a redesign of the lodge, a significant expansion of the snowmaking system and the addition of mountain bike and fat bike trails. Arctaris also plans to hire more than 200 full- and part-time employees.

“Saddleback’s exceptional skiing, laid back culture and beautiful natural environment have created a passionate following for generations,” said Saddleback Resort General Manager Andy Shepard. “The closing of the mountain five years ago has been a loss to New England’s skiing community, but it has also created challenges for the Rangeley community. News of Arctaris’ purchase has a lot of people very excited.”

Saddleback Mountain hired Origin in early February to develop the brand, creative assets and launch strategy.

“Saddleback Resort has a long history of being an incredible mountain,” said Origin Principal MJ Legault. “Even as a Quebecker, I’ve heard tales of this place and have had it on my wish list — both as a brand partner and to ski — for years. We couldn’t be more excited to have the privilege to work with Saddleback in bringing the brand to life and spreading the message of its revival. Their vision for a true community-based, purposeful approach to the relaunch is inspiring.”

Origin has worked with Maine brand L.L. Bean, Jay Peak Resort, Squaw Valley, Taos Ski Resort and Whistler Blackcomb.

Photo courtesy Saddleback Moutain Ski Resort