Latest news with #TimGu
Yahoo
18-05-2025
- Business
- Yahoo
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.
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.
Yahoo
17-05-2025
- Business
- Yahoo
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.
CBC
17-05-2025
- Business
- CBC
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.
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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