‘Amazing enthusiasm' for MEC's return to Canadian ownership, executive says
Five years after it was sold to American investors in a creditor protection proceeding, popular outdoor retailer Mountain Equipment Company is back in Canadian hands.
CEO Peter Hlynsky announced in a post on the company's website Friday that a Canadian investment group had become the company's majority owners.
Hlynsky is part of that group, as is chief merchandising officer Chris Speyer, who spoke to CTV News via Zoom on Friday night.
Speyer said the 'primary investor' of the group is Tim Gu, who is also a major shareholder in Roots, among other Canadian retail companies.
'We all come at this with a deep passion for the outdoors and a long-time connection to MEC,' Speyer said. 'We think that Canadian identity is more important than ever and we also think Canadians can build strategy for Canadians in a way that might be different than how international ownership might think about it.'
He said the timing of the takeover is apt, given the current political climate caused by U.S. President Donald Trump's hostility to free trade with Canada and stated desire to annex his northern neighbour.
Canadians' response to MEC's announcement has, so far, been 'amazing enthusiasm and pride,' Speyer said.
He said the company employs 2,000 Canadians and is 'a Canadian institution.' The new ownership group will be looking to expand the company's made-in-Canada offerings, Speyer added.
He also offered a positive assessment of the work the company's American owners have done since acquiring MEC in 2020.
Kingswood Capital has done a good job stabilizing the company and maintaining continuity, Speyer said, adding that the company began looking for 'the right buyer' for MEC last August.
'Their business model is not long-term investing, it's relatively short-term investing,' he said.
Speyer said the new ownership group is focused on the long term.
MEC was founded in Vancouver in 1971 as Mountain Equipment Co-operative.
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