Mountain Equipment Company Returns to Canadian Ownership After US Buyout
| 2025-05-18
Mountain Equipment Company, the iconic Canadian outdoor gear retailer, is once again under Canadian ownership following its acquisition by a domestic investment group, five years after being sold to a US firm.
Mountain Equipment Company (MEC) has been reacquired by Canadian investors, ending five years of US ownership and restoring the iconic outdoor brand’s local roots.
Mountain Equipment Company (MEC), a British Columbia-based retailer known for its outdoor and recreational equipment, has been brought back under Canadian control. The move marks the end of a controversial five-year period of ownership by US private equity firm Kingswood Capital Management.
The new ownership, described in a company statement as a group of Canadian investors with a “deep belief in MEC’s purpose,” is led by Tim Gu, an investor with interests in other well-known Canadian brands such as Tilley and Roots. The group’s long-term vision, according to the announcement, includes reaffirming MEC’s identity as a Canadian company dedicated to outdoor enthusiasts.
Also joining the leadership is Chris Speyer, a longtime member of MEC, who has been appointed chief merchandising officer. Speaking to Canadian media, Mr Speyer highlighted the symbolic importance of the transition back to domestic ownership.
"It's a profound moment," he said in an interview with CBC News. "Canadians are more aware of their identity and their sovereignty than ever before. Being able to announce that we're becoming Canadian owned at this time feels important and relevant."
Founded in 1971 in Vancouver, Mountain Equipment Company—originally known as Mountain Equipment Co-op—was started by a group of climbers who sought to provide high-quality outdoor gear to Canadian consumers. The company operated as a member-owned co-operative for decades, requiring a small membership fee and giving customers a voice in the direction of the business.
At its peak, MEC had over five million members and operated nearly two dozen stores across Canada, making it the country’s largest retail co-operative. However, financial pressures led to its sale in 2020 to Kingswood Capital Management, sparking backlash from members and employees.
The sale in 2020 effectively ended MEC’s co-operative model. Many long-standing members accused the board of betraying the organisation’s founding principles, and thousands signed petitions opposing the transaction. Several staff members resigned, citing changes in corporate culture and values under private ownership.
The new owners have not indicated any plans to return to a co-operative model, but they emphasise a renewed commitment to MEC’s original mission and community. Mr Speyer suggested that the timing of the reacquisition resonates with Canadians who are increasingly concerned about supporting domestic companies amid economic uncertainty and cross-border tensions.
MEC has faced growing competition in recent years from global brands and e-commerce platforms, alongside shifting consumer expectations and a challenging retail environment. The return to Canadian hands could offer the brand a chance to re-establish its identity and reconnect with its customer base.
The reacquisition of Mountain Equipment Company by Canadian investors comes amid a broader trend of national brands attempting to reclaim domestic ownership in response to globalisation and economic nationalism. As trade tensions between Canada and the United States continue, many consumers have expressed a preference for supporting homegrown businesses.
While the full implications of the ownership change are yet to be seen, observers note that the move may help restore consumer trust in the MEC brand. It also serves as a case study in the cultural and economic importance Canadians place on brand identity and ownership.
MEC’s story mirrors those of other Canadian retailers and co-operatives that have struggled with financial sustainability while trying to maintain their founding values in an increasingly competitive market. The challenge now for the new leadership will be to balance commercial viability with the community-oriented spirit that originally defined the company.
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