Mountain Equipment Company (MEC) is once again Canadian-owed after being acquired by a U.S. private investment firm in 2020.
Kingswood Capital Management has sold the Vancouver-based outdoor equipment retailer to a group of Canadian investors led by Tim Gu.
In addition to Gu, the ownership group includes MEC’s CEO, Peter Hlynsky, as well as the company’s Chief Merchandising Officer — making it a partial management buyout.
“Today marks the beginning of MEC’s next chapter, grounded in the values that built MEC from the start,” Hlynsky said in a joint news release.
“MEC being back in Canadian hands means we are more committed than ever to equip Canadians for all trails ahead.”
While Kingswood Capital Management is no longer in charge, the firm has decided to retain a minority interest in the company.
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In Canada, the “seller” of the business is responsible for providing proper compensation to staff who lose their job.
WATCH: Employment lawyer Lior Samfiru explains the rights workers have when their employer sells the business on an episode of the Employment Law Show.
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