RANGELEY, Maine (AP) A Boston investment firm has officially purchased Saddleback Mountain ski area.

Arctaris Impact Fund completed the reported $6.5 million sale Friday afternoon.

The mountain is expected to reopen at the end of this year.

The firm has said it plans to invest $38 million into Maine’s third-largest ski mountain. Upgrades will include replacing an old chairlift, expanding daycare and retail space and installing new snowmaking equipment.

The company also plans to hire about 200 to 240 full- and part-time employees.

The Finance Authority of Maine’s board on Monday approved loan guarantees and a loan for $12.5 million for Arctaris, which made it possible for the sale to move forward.