Remington Outdoor Company received approximately $10 million in exchange for selling substantially all of the assets and liabilities of its 75 percent stake in outdoor apparel brand Mountain Khakis last month, according to an earnings reported the company released late Friday, May 29.
Remington, which derives the bulk of its earnings from the sale of firearms and ammunition, announced April 29 that it had sold the assets of the apparel company to a company controlled by investor Warren Kanders. The companies did not disclose the transaction price at the time.
Warren B. Kanders, the president and owner of Kanders, currently serves as executive chairman of Black Diamond Inc., which owns the Black Diamond and POC brands and also as the chairman and CEO of Safariland LLC.
Founded in 2003, Mountain Khakis is a rapidly growing multi-channel designer, developer and marketer of a broad line of premium branded lifestyle apparel and accessories inspired by mountain life. The company's design and product development is based in Jackson Hole, WY where it was founded, and its corporate office and eastern distribution center are located in Charlotte, NC. Remington Outdoor acquired the business in 2010.
