Gryphon Investors has closed on its acquisition of G.I. Joes, Inc. Terms of the transaction were not disclosed.
Kurt Kaull, Partner and Head of the Consumer Products/Specialty Retail Group at Gryphon said, “Joes is extremely well-positioned in its market and has a truly differentiated knowledge of the Northwest outdoor lifestyle and experience. The company has a proven ability to grow same store sales and successfully roll out new stores in this exciting and expanding region of the country, and we are delighted to be working with such a talented management team to further grow such a successful franchise.”
Norm Daniels, G.I. Joes Chief Executive Officer, said, “We are excited to move forward with our new partners as we execute on our expansion plan and deliver our concept to an even larger group of Joes customers. 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, have made our stores the regions go-to destination for sporting goods, fitness and outdoor products.”
The company carries a full line of sporting goods, apparel and footwear and related merchandise. It operates 26 stores in Oregon and Washington, which range in size from 36,000 to 70,000 square feet and offer a large selection of sporting goods and outdoor related products. Revenues for this fiscal year will exceed $240 million.
Wells Fargo Retail Finance provided the financing for the transaction and Houlihan Lokey was the financial advisor for GI Joes.