Western Canadian group steps in to buy Elk Ridge resort out of receivership
A golfer at Elk Ridge Resort is pictured in this file photo.
SASKATOON -- A group of eight Western Canadian investors has agreed to buy Elk Ridge Golf & Conference Centre.
“With our strong family and company roots in Saskatchewan, we are excited with the opportunity to make this acquisition,” Nevin Anderson, a majority shareholder of Routes2SK Inc., said in a news release.
“We look forward to working closely with the existing team and leadership group, as well the Elk Ridge community, to ensure we maintain and evolve the iconic Saskatchewan golf resort.”
The resort had gone into receivership earlier this year with over $13 million in outstanding loans. The resort, founded in 1993 by Arne Petersen, closed on March 26 due to the COVID-19 pandemic.
The members of Routes2SK Inc. were all born and raised in Saskatchewan, the group says. The group is led by managing partner Ryan Danberg, majority shareholders Anderson and Dave Bryson and rounded out by five silent investors.
The group says it will make significant strategic investments in management, sales and marketing, facilities and infrastructure, adventure offerings and technology.
“We are delighted that the transaction is expected to close in late October 2020, and we can’t wait for the chance to host you, and show you Saskatchewan at its best,” Danberg said in the release.