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Kingswood Capital Management Completes Acquisition of MEC

·2 min read

VANCOUVER, BC, Oct. 30, 2020 /CNW/ - Kingswood Capital Management, LP (together with its affiliates, "Kingswood") announced today that it has completed its acquisition of substantially all of MEC's assets through the Companies' Creditors Arrangement Act. MEC is an established retailer, and Canada's go-to place for outdoor gear, know-how, and inspiration.

The acquisition creates a positive path forward for MEC, strengthening the brand, preserving jobs and opportunity for employees, and enabling MEC to continue to be the outdoor supplier of choice for Canadians. MEC will be led from a headquarters in Vancouver by Chief Executive Officer Eric Claus, an experienced Canadian retail executive.

"We are passionate about MEC," said Eric Claus. "We see a very bright future for the company, and that's why we chose to keep 21 of MEC's 22 stores open and hire over 85% of the active staff. We believe we can make MEC better than ever while remaining true to its values and ideals, by investing in the store and online experiences and focusing on delivering outstanding gear and advice to MEC's passionate customers."

Configure Partners, Fasken Martineau DuMoulin, Goodwin Procter, Houlihan Lokey, and Jones Lang LaSalle advised Kingswood on the transaction.

About MEC

MEC is Canada's go-to retailer for rock solid outdoor gear, expert advice and endless open-air inspiration. Connect online or at one of MEC Canada's 21 experiential retail stores, from Victoria to Halifax. For the latest gear and expert advice visit www.mec.ca, a MEC retail location or reach out to our outdoor experts at the MEC Service Centre.

About Kingswood Capital Management, LP

Kingswood Capital Management, LP is a private investment firm primarily focused on investing in businesses in transition. In addition to access to capital, Kingswood brings relevant industry relationships and a broad network of internal and external operating resources that can strengthen the businesses it partners with and enhance value. Kingswood has extensive experience with complex transactions where it provides tailored solutions that ensure the best outcome for all constituents. For more information, please refer to the Kingswood website at www.kingswood-capital.com.

SOURCE MEC

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/October2020/30/c3973.html