An Australian company has bought Saddleback Mountain in hopes of reawakening the old ski resort.
An Australian-based company have now purchased of Maine’s Saddleback Mountain by conglomerate, but the company have no experience with operating a ski resort.
After two year, where Saddleback Mountain have been closed for skiiers, the ski resort has been bought by the Majella Group, a “multinational company operating in a number of sectors including technology, design, engineering, project management, consulting services, property developments and financial services,” according to its website. Headquartered out of Brisbane, Australia, the group also has offices in the U.S., China and the Philippines.
The salesprice is secret.
The announcement of the deal said that there isn’t a firm date yet for re-opening the resort, as the new owners need to asses and prioritize capital improvements. Although the agreement will not be finalize until later this summer, the group, headed by Sebastian Monsour, will be able to take immediate control of the mountain in order to begin the work it will take to get the resort up and running.
“We look forward to getting to know the Western Maine community and working with the town of Rangeley to revive this magnificent property,” Monsour said in a press release.
Saddleback closed in 2015 because the owners was unable to replace the Rangeley Double Chair lift.
Secret opening date
The new owner have set as top priority to update the old lifts.
“As soon as we can deliver a skiing experience that is consistent with our values and meets the needs of our skiing community, we will announce our plans for re-opening,” Monsour said. “Our commitment to you is not to over promise, but to move expeditiously and communicate transparently.”
The old owners have been looking for new buyers, after they bought the ski resort in 2003.
Before settling on Majella, the old owner received a lot of others inquiries about the ski resort.
“We believe that Majella has the vision, the economic horsepower, and the will to develop Saddleback into the four-season resort we have long envisioned,” Bill Berry, the old owner, said.
New owners, new investment.
Majelle Group have plans to develop four-season activities at the resort. Local and state politicians applauded the deal as a way to revive the local economy. Majella have also planned to retain a number of Saddleback executives and staff to help upgrade and run the resort.
Saddleback is located in west central Maine, about 125 miles west of Bangor, and tucked in close to both the Vermont and Canadian borders. The deal covers all of the resort holdings, including more than 6,000 acres.
At 4,120 feet, Saddleback has an impressive summit elevation for the Northeast, ranking in the top 10, helping to provide consistently decent snow conditions. The resort also has a robust vertical drop for the East, coming in at approximately 2,000 feet.
After a visit to Saddleback in 2011, Monsour and his family fell in love with the resort and decided to invest in the area because it “felt like home,” Monsour said at a news conference.
“We want you to know that our team understands the importance of Saddleback to the people of Maine, not only as an exceptional ski mountain, but as an economic driver for the entire Rangeley region,” Monsour said. “Our hope is to create a premiere four-season resort that leverages all the region has to offer.”
Saddleback’s new management team will include Fred LaMontagne as the resort’s CEO, previous Saddleback manager Jim Quimby as head of Mountain Operations, and Rangeley residents Greg Andrews and Perry Williams for a “top-notch local and experienced team.”
Find more info at the official press release here: //majellagroup.com/saddlebackmaine/press-release-saddleback-june17.pdf