G.I. Joes, Inc. has signed an agreement with Gryphon Investors, a San Francisco-based private equity firm to complete a transaction which provides liquidity to the companys current shareholders and solidly positions the company for continued growth. Terms of the transaction were not disclosed.
Norm Daniels, G.I. Joes Chief Executive Officer, and his entire management team will remain in place and continue to own a substantial share of the company. The transaction is expected to close later this month, contingent upon a favourable vote by G.I. Joe shareholders.
The company carries a full line of sporting goods, apparel and footwear and related merchandise. It operates 26 stores in Oregon and Washington, including one outlet location. The stores range in size from 36,000 to 70,000 square feet and offer over 60,000 SKUs. Revenues for this fiscal year will exceed $240 million.
Norm Daniels said, “We are pleased to be partnering with Gryphon as we enter a new growth phase for Joes and move our store concept to the next level. The niche weve built in offering leading brand name merchandise that is typically unavailable at traditional big-box retailers, coupled with our superior customer service, has made our stores the areas go-to destination for sporting goods, outdoor and athletic gear. We are also proud of the reputation we have developed as an outstanding employer and exemplary corporate citizen in our markets and we expect to continue our reputation in that regard as we grow.”
“Joes is extremely well-positioned in its market and has a truly differentiated knowledge of the Northwest outdoor lifestyle and experience,” commented Kurt Kaull, Gryphon Partner. “The company has a healthy and proven business model of increasing same store sales and rolling out new stores in contiguous geographies, and we are delighted to be working with such a talented management team to grow this successful franchise.”