MEC back under Canadian ownership after 5 years of U.S. management
Retailer Mountain Equipment Company (MEC), the B.C-based brand specializing in outdoor equipment, is back under Canadian ownership.
The retailer had been sold in 2020 to U.S.-based Kingswood Capital Management after facing financial difficulties, which led to its dissolution as a consumer-owned co-operative, in what was described as "betrayal" by some members, thousands of whom mounted a campaign to block the sale. Several employees also quit, saying it no longer felt like the same company under private owners.
The company's newest ownership group is described in a news release as "a group of Canadian investors" who have a "deep belief in MEC's purpose and a long-term vision for the business," led by Tim Gu, who also has stakes in Canadian brands Tilley and Roots.
Also on board is longtime MEC member Chris Speyer as chief merchandising officer. He says bringing the brand back under local ownership feels particularly important at a time when consumers are seeking to avoid U.S. products amid the ongoing trade war and economic threats being faced by Canadians from their southern neighbour.
"It's a profound moment, you know, where Canadians are more aware of their identity and their sovereignty than ever before," he said in an interview with CBC News.
"And so being able to announce that we're becoming Canadian owned at this time feels important and relevant, you know, certainly to me and to all of our members and employees."
MEC, formerly known as Mountain Equipment Co-op, was founded in 1971 in Vancouver by a group of mountain climbers looking to source quality gear and distribute it in the city. Members joined with a nominal fee and owned part of the venture, and helped drive the direction of the business.
It eventually grew to more than five million members with nearly two dozen stores nationwide, making it Canada's largest consumer co-op.
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