In a management-led buyout, Gregory Mountain Products was purchased this week in a cash deal. Terms were not disclosed.
The new ownership, Gregory Mountain Products, LLC, was formed by partners John Simons, Gregorys president for the last two years, along with investors Warren Kanders and Robert Schiller. They purchased the business from Bianchi International, a BAE Systems, Inc., company, which has owned Gregory since mid-2007, when it acquired Gregorys then-parent company, Armor Holdings.
“The people involved in this effort bring a proven track record of building teams and helping companies succeed, and thats what we plan to do at Gregory give it the resources it needs to take things to the next level,” Simons said. “As well known as Gregory already is for building innovative suspension and packs that fit, I think its clear that Gregory has its best years ahead of it. Well continue to design, build and deliver packs that fit, are comfortable, are durable, and exceed our customers expectations.”
Moving forward, the most important mission for Gregorys new ownership is building the companys core, growing organically, and extending its brand position both internationally and domestically, Schiller said. “We also see Gregory as a platform from which we can grow. Well develop a solid team of professionals built on Gregorys core values so that when opportunities arise to extend this platform into other parts of the outdoor industry, well be well-positioned for them.”
Gregorys purchase comes at a time in which the brand has introduced several new award-winning series of packs and as the company moves into a new global headquarters in downtown Sacramento. Gregorys 2008 Baltoro 70 and Deva 60 packs this month won an Editors Choice Award from Backpacker Magazine. In 2007, its Z55 lightweight weekend pack won a Best of 2007 Award from National Geographic Adventure and was named Top All-Around Weekend Pack by Backpacker. And in late 2006, its Response Suspension System won a Best of 2006 award from Popular Science for technological innovation in the recreation category.
Gregory was previously located in southern California, and the move to Sacramento was initiated because Gregory management identified the citys values, proximity to outdoor activities and business community as a better match for the brand, and more suited to foster company culture, values and goals.
Wayne Gregory, who founded the company in San Diego in 1977, will remain in his role on the design team.