Mountain Equipment Company is back in Canadian hands.

The iconic outdoor retailer announced on Friday, May 16, that it has been acquired by a group of Canadian investors, marking a major shift nearly four years after falling under U.S. ownership.

The new investor group is led by Tim Gu, who brings a deep background in Canadian retail. Gu is Chairman of Unisync Corp, as well as an investor in Canadian brands Tilley and Roots.

鈥淢EC represents the best of the Canadian spirit 鈥� adventure, resilience, and community,鈥� Gu said in a press release. 鈥淎s a lifelong believer in Canadian manufacturing and innovation, we will ensure that MEC remains an essential part of Canada鈥檚 outdoor culture for generations to come.鈥�

Other Canadian investors joining Gu in the ownership group include MEC鈥檚 CEO Peter Hlynsky, as well as chief merchandising officer Chris Speyer. Both are longtime MEC members, making this a partial management buyout.

鈥淭here has never been a better time to celebrate being Canadian,鈥� Hlynsky said. 鈥淭oday marks the beginning of MEC鈥檚 next chapter, grounded in the values that built MEC from the start. MEC being back in Canadian hands means we are more committed than ever to equipping Canadians for all trails ahead.鈥�

In 2020, MEC 鈥� then operating as a co-op 鈥� was acquired by California-based Kingswood Capital Management and converted into a private retailer. 

Founded in Vancouver in 1971, MEC grew into a staple of Canadian outdoor culture, known for its climbing, hiking, camping, and paddling gear.

MEC currently operates five stores in British Columbia 鈥� in Victoria, Langley, Kelowna, North Vancouver, and Vancouver 鈥� and 24 stores nationwide.

As of press time, management at the Victoria location was unable to comment on the acquisition.

The return to Canadian ownership comes amid a wave of domestic retail consolidation. On Thursday, Canadian Tire announced it had purchased the Hudson鈥檚 Bay Company brand, highlighting a broader trend of Canadian companies reclaiming legacy retail institutions.