David C. Pratt, founder of United Industries, purchased just over 5.7 million shares of Gander Mountain common stock at a price of $8.77 per share for a total purchase price of $50.0 million.

The deal will give Mr. Pratt approximately 39% of the company's common stock. In addition, Pratt was elected chairman of Gander Mountain's board of directors, effective upon funding of the transaction which occurred on December 13, 2006.

Ronald Erickson, one of Gander Mountain’s founders and chairman since 1997, will now become vice chairman.
The company also announced that it intends to open more than a dozen new stores in fiscal 2007 and upgrade a number of existing stores.

The shares were purchased through a private placement by a family entity managed and controlled by Mr. Pratt. The $50.0 million purchase price in the equity financing will be paid with approximately $30 million in cash and the surrender and cancellation of the company's $20 million note originally issued to a Pratt family trust.