Hello dpicare26, iirc, arctic cat tried their hand at selling bikes during the bike boom. they had stella produce them. most of the bikes were lower end, but, they did make some better ones. the bike in your OP photo looks like one of the better models.
Thanks for the input gbi, what you're saying goes along with what the owner of the above pictured "arctic" said on the website:
"We did a little research on the Arctic by Stella and found that they were made for Actic Cat in the late 60-70's by Stella, a French bicycle company. The venture into bicycles was not successful for Actic Cat, so they sold them off at a great price. They were comparable to a Peugot UO8, BUT there were a few out there that had some built at a much higher level of quality."