Mountain Equipment Co-op

This article is about the Canadian co-op which started MEC. For the retail brand now owned by US private investors, see Mountain Equipment Company.

Mountain Equipment Co-op
Company typeCooperative
IndustryOutdoor equipment
Founded1971; 53 years ago (1971) in Vancouver, British Columbia
FateNo longer operating; brand name and assets were acquired by Mountain Equipment Company
HeadquartersVancouver, British Columbia

Mountain Equipment Co-op (now called 1077 Holdings Co-Operative) was a Canadian co-op that started the MEC outdoor gear retail brand. The MEC brand name, assets and store leases were purchased by the American private investment firm Kingswood Capital Management's subsidiary Mountain Equipment Company in October 2020.[1] 1077 Holdings Co-operative remains active to deal with the remaining claims by creditors and will be wound up at some point in the future.[2]

Mountain Equipment Co-Op was formed as a Canadian consumers' co-operative to sell outdoor recreation gear and clothing exclusively to its members. Mountain Equipment Co-Op was notable for its commitment to environmental protection and other causes. As a co-op, Mountain Equipment Co-Op sold only to customers who held a lifetime membership, which was technically a share of the co-op. MEC (as a co-operative) was Canada's largest supplier of outdoor equipment. Following its founding in Vancouver, British Columbia in 1971, MEC expanded across Canada and grew to operate stores in 20 cities. Once catering to mountaineers and climbers, MEC targeted a broader, more urban clientele, having added more clothing as well as cycling and yoga supplies. At its peak MEC had over 5.4 million members in Canada and internationally.[3]

Facing mounting financial losses in 2019 and during the COVID-19 pandemic in Canada, in September 2020, without consulting its membership, the board of directors of the co-operative entered into an agreement to sell its assets to Kingswood. Following the completion of the deal in late October, Kingswood began operating the retail assets as a for-profit business.[4]

  1. ^ Krashinsky Robertson, Susan (September 15, 2020). "Outdoor recreation retailer MEC sold to U.S. private investment firm". The Globe and Mail. Archived from the original on September 15, 2020. Retrieved September 15, 2020.
  2. ^ "CCAA and Sale Information". 1077 Holdings Co-operative. Archived from the original on May 15, 2021. Retrieved October 31, 2020.
  3. ^ 2014 Annual Report (PDF) (Report). MEC. p. 6. Archived from the original (PDF) on November 30, 2018. Retrieved September 23, 2015.
  4. ^ Kingswood Capital Management (press release) (October 30, 2020). "Kingswood Capital Management Completes Acquisition of MEC". Cision. Archived from the original on May 15, 2021. Retrieved October 31, 2020.