Lili and Gordon Colby disclosed that they acquired MTI Adventurewear, the maker of personal flotation devices, in February after a decade of running the company for the Takashina family.
The purchase price was undisclosed. The purchase was made in February.
“Signing the final paperwork just after Valentine's Day was so appropriate for us” explained Lili Colby, head of MTI sales and marketing. “Our relationship as a couple and as business partners has always been intertwined.”
Gordon and Lili met almost 20 years ago while working for Mad River Canoe in Waitsfield, VT, where Gordon was brand manager for Voyageur (forerunner of Harmony Accessories). When the company merged with Wilderness Systems to become Confluence Watersports, the couple moved to North Carolina with their newborn son, where Gordon became brand manager of Mad River Canoe and Lili managed the Confluence customer service department. The opportunity to run MTI for the Takashina family brought them back home to New England in 2002, with Gordon as its president and product manager, and Lili overseeing sales, customer service, and marketing.
Founded outside of Boston 20 years ago by Dorothy Takashina with her sons Yoshi and Simon, MTI specializes in the design, production, and distribution of life jackets for paddlesports. But MTI was also part of a much larger family held operation which in 2010 celebrated its 75th anniversary: Takashina Life Preservers Company.
Based in Osaka, Japan and with factories in Shanghai and Vietnam, Takashina Life Preservers Company builds life jackets and watersports apparel for companies worldwide.
“Running a global manufacturing company took Yoshi Takashina away from MTI on an operational basis 9 years ago, but his heart never left the company” commented Gordon Colby. “The whole family is very attached to the MTI brand, so being able to pass the company on to the people that they have entrusted their business to for years is such a positive for everyone.”
“We've always treated MTI as if it were our own business” added Lili, “so now to be able to own it is a dream come true. We're so fortunate to be able to keep MTI a family owned company, and to continue to grow the business with personal passion behind the brand. And thank goodness without the usual upheaval that tends to accompany many of the paddlesport industry acquisitions.”
She explains, “We're not relocating. We're not laying-off anyone. Our relationship with our factory is strong. It's business as usual, but with added enthusiasm throughout our organization because we feel in charge of our own destiny. Our people are stoked to see this ownership transition, and we recognize the opportunity for the brand and our customers.”
