Breaking news concerning the sale of Glen Mountain:
The Sale to Peter White has fallen through.
Today, November 4th, 2022, As expected, Glen Mountain has been sold to a new owner, but contrary to expectations, the new owner is not Peter White, the one-time owner who was expected to buy the dormant ski hill and have it rise from the ashes.
The mountain has been sold privately to a yet-to-be-announced owner.
The following is the press release issued earlier by Mr. White:
=======
ANNOUNCEMENT CONCERNING GLEN MOUNTAIN BY PETER G. WHITE
Knowlton, November 4, 2022
With great regret, I must announce that I will not be re-purchasing Glen Mountain.
On August 14, 2022, my company Optikinvest Inc. concluded an agreement with Le Groupe Maison Candiac Inc., owned by Mr. Maryo Lamothe, whereby Optikinvest would purchase Glen Mountain, a property in West Bolton, Quebec that I formerly owned and operated as a ski resort and that has been privately owned for the past 15 years. Closing date was set for November 3, 2022.
In the two and a half months since this agreement was signed, economic conditions have worsened dramatically. Interest rates have risen and continue to rise, inflation has surged, and there are widespread fears of a significant recession.
Despite my best efforts, under these conditions, it became impossible for me to secure financing to complete the purchase, whether by means of debt or equity. I understand that Le Groupe Maison Candiac has sold Glen Mountain privately.”
=======
While we do not know if the new owners plan to keep the mountain and ski facilities a private resort as the previous owner had, we at Ski and Bike Magazine are nonetheless saddened by this turn of events.
On behalf of our entire editorial team, we’d like to thank Mr. White for his efforts and energy in trying to bring back this iconic resort that has been lost to us for many years. For that we commend him. Thank you for stoking the fire and allowing us to dream, Peter!
As Peter White told JF Ravenelle in an email exchange today: “When one door closes another door opens. This opportunity will come again. Glen Mountain isn’t going anywhere.”
Best of luck Mr. White.
You can read our original article on the pending sale (after the purchase agreement was signed) HERE