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Arctaris: Saddleback Maine sale talks with Berry Family 'have ground to a halt'
24 September 2019

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Rangeley Lakes Heritage Trust

The Arctaris Impact Fund entered into a preliminary purchase agreement with Saddleback owners the Berry Family in June, with an anticipated closing date of November 2019.

But now Arctaris says the Berrys continue to talk with other potential buyers, and the Berry Family says this is because Arctaris continues to push more risks and costs onto them.

The Arctaris Impact Fund invests in "underbanked businesses" in low- and moderate-income US communities.

Saddleback last operated in winter 2014-2015. In July 2015 the Berry Family announced that the mountain's double chairlift had would have to be replaced in order to open for 2015-2016. That didn't happen and the mountain has been closed since that time.

Earlier sale negotiations between the Berrys and Australia-based developers Majella Group ended when Majella went bankrupt in February 2019.

This being late September, opening of Saddleback for 2019-2020 looks unlikely.

Stay tuned.

David Boggs President/CEO ACRO Global|Publisher Tourism Marketer
David H. Boggs
ACRO Global

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