An Australian company has announced plans to purchase Saddleback Mountain Resort in Rangeley. Credit: Courtesy of Saddleback

A Boston investment fund has purchased Saddleback Mountain ski resort.

The ski resort, which is located near Rangeley, will reopen after being closed for five years, the Portland Press Herald reports.

The Berry family — which has owned the mountain since 2003 — released a statement Thursday about the sale of the property to Arctaris Impact Fund. The two groups have been in negotiations since 2018. The statement did not include the sale price or when the ski resort would reopen, according to the Press Herald.

When it was in operation, Saddleback was Maine’s third largest ski resort, Rangeley’s largest employer and a popular tourist destination.