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Australian company buys Saddleback, plans investments at mountain resort
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Saddleback Mountain opened this morning at sunup, with a new quad chairlift and big plans for the future, after five years of empty slopes and lifts and decades of a rough economic trail.
New owner Arctaris Impact Fund acquired the 6,400-acre mountain resort on Jan. 31 and have since invested $18 million, including the addition of a $7 million Doppelmayr lift that s expected to double the amount of skiers on the mountain. Another $20 million in upgrades are planned over the next couple of years. The word of the day is legacy, Uche Osuji, managing director of Arctaris Impact Investors, said at a ribbon-cutting Sunday. The Saddleback legacy started in 1960. We are standing on the shoulders of the great people that have come before us. We would not be here today without their vision.