Latest news with #MountainEquipmentCompany
CTV News
17-05-2025
- Business
- CTV News
‘Amazing enthusiasm' for MEC's return to Canadian ownership, executive says
A MEC store in Vancouver is seen in this file photo. (CTV News) 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.
Time of India
17-05-2025
- Business
- Time of India
Canadian comeback: new owner Tim Gu aims to revive MEC with homegrown manufacturing push
For Peter Hlynsky and Chris Speyer, the future of Mountain Equipment Company had to be more than just financial recovery. As the iconic Canadian outdoor retailer searched for a new owner, it also sought a partner who understood the brand's deeper connection to Canadian values, especially in manufacturing. That search has ended with Tim Gu . The textile executive, known for his deep ties to Canadian production and ownership stakes in Roots and Tilley, has reached a deal to acquire MEC . Gu will become the majority owner, with Hlynsky and Speyer remaining as part of the investment group. The deal confirms earlier reporting by The Globe and Mail , though financial terms were not disclosed. Also read: Wall Street Week Ahead: Retailers set to give tariff view as US stock market roars back Made in Canada again: MEC's domestic manufacturing revival With Gu at the helm, MEC plans to bring portions of its manufacturing back to Canada, a significant shift in a retail sector long dependent on offshore production. Hlynsky says domestically made MEC-brand clothing will start appearing in stores as early as this summer. For a company whose private label drives much of its sales, including snowsuits, activewear and technical gear. The move taps into growing consumer appetite for Canadian-made products. Live Events 'There is a desire to have product that is made in Canada,' said Hlynsky. 'He understands the manufacturing side of things probably better than a lot of people we talked with.' Gu's company, International Inc., runs textile factories both in Canada and abroad and manufactures for major retailers like Walmart, Canadian Tire and Canada Goose. He is also chairman of Unisync Group, a Mississauga-based firm supplying uniforms and apparel to the public and private sectors. Shift in strategy amid growing supply chain pressures MEC's shift to local production aligns with a broader trend in Canadian retail, as brands reevaluate their supply chains in response to global tariffs and political tensions, especially with the United States. While few MEC products are US-sourced, the shifting climate has created a new opening for brands with a domestic identity. Also read: 5 world market themes for the week ahead Gu sees that opportunity clearly. 'As a lifelong believer in Canadian manufacturing and innovation, I'm proud to join MEC's journey,' Gu said in a press release. 'Together, we'll strengthen its foundation, expand its reach, and ensure that MEC remains an essential part of Canada's outdoor culture for generations to come.' MEC's earlier acquisition in 2020 by Kingswood Capital Management came after the retailer filed for creditor protection during the pandemic. Kingswood, a California-based firm, will remain a minority investor in the new ownership structure. Retail comeback: sales rebound and expansion plans Though sales had dipped since 2023, Hlynsky said the business began rebounding last year and has continued its upward momentum through 2025. He credits renewed interest in domestic travel and outdoor recreation, as Canadians turn inward amid ongoing cross-border friction. MEC, which operates 26 stores across Canada, will continue to grow, but in a controlled way. 'We are looking at new store openings at a moderate pace,' Hlynsky said. Kingswood, for its part, sees the transition as timely. 'Turning it over to Tim and his team makes sense at this juncture and positions MEC to grow its presence across Canada,' said managing partner Alex Wolf in a statement. Also read: US retail sales little changed, signs of pullback after pre-tariff rush Once a co-operative that served outdoor enthusiasts for nearly five decades, MEC's new chapter reflects a blend of its heritage and a sharper, more locally focused retail strategy.
Yahoo
16-05-2025
- Business
- Yahoo
MEC announces new Canadian ownership
At a time when consumer focus on Canadian brands is at an all-time high, Mountain Equipment Company (MEC) announces that it has been acquired by a Canadian-led ownership group. VANCOUVER, BC, May 16, 2025 /CNW/ - Mountain Equipment Company (MEC) has been acquired by a group of private Canadian investors with deep industry experience and a vision of reshoring some manufacturing to Canada. This transaction shifts MEC's ownership to a group of Canadian investors with domain expertise, a deep belief in MEC's purpose and a long-term vision for the business. The new investor group is led by Tim Gu, who brings a deep background in Canadian retail, manufacturing, and investment. Tim is Chairman of Unisync Corp. (TSX: UNI), a publicly traded Canadian uniform and workwear company, as well as an investor in Canadian heritage brands including Tilley and Roots. He founded and operates International Inc, a Toronto-based apparel manufacturing facility established in 1999, which supports Canadian jobs and champions "Made in Canada" production — values that closely align with MEC's heritage and mission. Partnering with Tim strengthens MEC's ability to reinvest in domestic manufacturing and enhance the authenticity, quality, and innovation of the MEC Label product line. "MEC represents the best of Canadian spirit — adventure, resilience, and community," said Tim Gu. "As a lifelong believer in Canadian manufacturing and innovation, I'm proud to join MEC's journey. Together, we'll strengthen its foundation, expand its reach, and ensure that MEC remains an essential part of Canada's outdoor culture for generations to come." Other Canadian investors joining Gu in the ownership group include MEC's Chief Executive Officer, Peter Hlynsky, as well as Chief Merchandising Officer Chris Speyer, both longtime MEC members, making this a partial management buyout. This underscores how much MEC's leadership believes in the future of the company. "There has never been a better time to celebrate being Canadian" says Hlynsky. "Today marks the beginning of MEC's next chapter, grounded in the values that built MEC from the start. We will continue to evolve and innovate in order to stay relevant to the next generation of outdoor enthusiasts, and we will remain true to what sets MEC apart: expert staff who live and breathe the outdoors, stores that are anchors for outdoor communities and an unwavering commitment to providing the best assortment of outdoor gear found anywhere. MEC being back in Canadian hands means we are more committed than ever to equip Canadians for all trails ahead". Says Alex Wolf, Managing Partner at Kingswood Capital Management, "Kingswood has been pleased with the investments we made in the business in the past four years. Now that it's in a good place, we're happy to see control move to new ownership and grow MEC's presence across Canada." Kingswood will retain a minority interest in MEC. The sale has been in the works for months, and the timing aligns perfectly with the interests of Canadian consumers. ABOUT MEC has been Canada's leading outdoor specialty retailer since 1971, built on a legacy of expert staff, community connection, and a passion for the outdoors. MEC's purpose is to equip Canadians for a lifetime outdoors. Our team of gear specialists and experienced adventurers offer trusted advice, ensuring members get the right equipment for every adventure. With 24 stores and over 6 million members nationwide, MEC is more than a retailer—it's a community for outdoor enthusiasts. Tim Gu is currently Chairman of Unisync Corp. (TSX: UNI), a publicly traded Canadian uniform and workwear company. Tim is also an investor in Canadian heritage brands including Tilley and Roots. He founded and operates International Inc, a Toronto-based apparel manufacturing facility established in 1999, which supports Canadian jobs and champions "Made in Canada" production — values that closely align with MEC's heritage and mission. Kingswood Capital Management, LP partners with leading companies in the middle market which stand to benefit from its capital and extensive operating resources. Kingswood embraces complexity and believes it is well-positioned to support businesses at inflection points in their development to enhance value. Based in Los Angeles, Kingswood is a cohesive, entrepreneurial team with a long history of shared success developing "win-win" partnerships with its portfolio companies and management teams. For more information, please visit the Kingswood website at QUICK FACTS. Founded in 1971 - MEC is a 50-year-old Canadian legacy organization Kingswood Capital Management purchased MEC in 2020 Peter Hlynsky appointed CEO October 2023 – has been significant member of executive team at MEC since Nov 2020 (CFO & COO) Recent hire of Chris Speyer from REI Co-op where he spent the last seven years with US outdoor retailer serving as its Vice President, Vice President of Merchandising, and finally Chief Merchant of Co-op Brands. Chris has over three decades of leadership experience in the specialty outdoor retail, wholesale, and direct-to-consumer (DTC) businesses. MEC has 24 standalone retail stores - Whitby was most recent opening in July 2024 MEC has approx. 2000 employees across Canada MEC's new, majority ownership is led by Tim Gu in partnership with MEC CEO Peter Hlynsky and other supporting investors. 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Cision Canada
16-05-2025
- Business
- Cision Canada
MEC announces new Canadian ownership
At a time when consumer focus on Canadian brands is at an all-time high, Mountain Equipment Company (MEC) announces that it has been acquired by a Canadian-led ownership group. VANCOUVER, BC, May 16, 2025 /CNW/ - Mountain Equipment Company (MEC) has been acquired by a group of private Canadian investors with deep industry experience and a vision of reshoring some manufacturing to Canada. This transaction shifts MEC's ownership to a group of Canadian investors with domain expertise, a deep belief in MEC's purpose and a long-term vision for the business. The new investor group is led by Tim Gu, who brings a deep background in Canadian retail, manufacturing, and investment. Tim is Chairman of Unisync Corp. (TSX: UNI), a publicly traded Canadian uniform and workwear company, as well as an investor in Canadian heritage brands including Tilley and Roots. He founded and operates International Inc, a Toronto-based apparel manufacturing facility established in 1999, which supports Canadian jobs and champions "Made in Canada" production — values that closely align with MEC's heritage and mission. Partnering with Tim strengthens MEC's ability to reinvest in domestic manufacturing and enhance the authenticity, quality, and innovation of the MEC Label product line. "MEC represents the best of Canadian spirit — adventure, resilience, and community," said Tim Gu. "As a lifelong believer in Canadian manufacturing and innovation, I'm proud to join MEC's journey. Together, we'll strengthen its foundation, expand its reach, and ensure that MEC remains an essential part of Canada's outdoor culture for generations to come." Other Canadian investors joining Gu in the ownership group include MEC's Chief Executive Officer, Peter Hlynsky, as well as Chief Merchandising Officer Chris Speyer, both longtime MEC members, making this a partial management buyout. This underscores how much MEC's leadership believes in the future of the company. "There has never been a better time to celebrate being Canadian" says Hlynsky. "Today marks the beginning of MEC's next chapter, grounded in the values that built MEC from the start. We will continue to evolve and innovate in order to stay relevant to the next generation of outdoor enthusiasts, and we will remain true to what sets MEC apart: expert staff who live and breathe the outdoors, stores that are anchors for outdoor communities and an unwavering commitment to providing the best assortment of outdoor gear found anywhere. MEC being back in Canadian hands means we are more committed than ever to equip Canadians for all trails ahead". Says Alex Wolf, Managing Partner at Kingswood Capital Management, "Kingswood has been pleased with the investments we made in the business in the past four years. Now that it's in a good place, we're happy to see control move to new ownership and grow MEC's presence across Canada." Kingswood will retain a minority interest in MEC. The sale has been in the works for months, and the timing aligns perfectly with the interests of Canadian consumers. ABOUT MEC has been Canada's leading outdoor specialty retailer since 1971, built on a legacy of expert staff, community connection, and a passion for the outdoors. MEC's purpose is to equip Canadians for a lifetime outdoors. Our team of gear specialists and experienced adventurers offer trusted advice, ensuring members get the right equipment for every adventure. With 24 stores and over 6 million members nationwide, MEC is more than a retailer—it's a community for outdoor enthusiasts. Tim Gu is currently Chairman of Unisync Corp. (TSX: UNI), a publicly traded Canadian uniform and workwear company. Tim is also an investor in Canadian heritage brands including Tilley and Roots. He founded and operates International Inc, a Toronto-based apparel manufacturing facility established in 1999, which supports Canadian jobs and champions "Made in Canada" production — values that closely align with MEC's heritage and mission. Kingswood Capital Management, LP partners with leading companies in the middle market which stand to benefit from its capital and extensive operating resources. Kingswood embraces complexity and believes it is well-positioned to support businesses at inflection points in their development to enhance value. Based in Los Angeles, Kingswood is a cohesive, entrepreneurial team with a long history of shared success developing "win-win" partnerships with its portfolio companies and management teams. For more information, please visit the Kingswood website at QUICK FACTS.
