A newly formed division of BRZZ Gear LLC, dubbed Granite Gear LLC, has acquired the assets of Two Harbors, Minn-based Granite Gear Inc. and Granite Tactical Gear. The investment group is lead by an investment team of outdoor and luggage industry veterans, says the company.
Brand co-founders Jeff Knight and Dan Cruikshank reportedly will stay on board with the new management team. Co-owner and CFO Mike Cruikshank will remain with Granite Gear LLC for a brief transition period and then will retire after a 20 year career in the outdoor industry. Bryan Kinsley, CEO of the newly formed Granite Gear LLC, which will be based in Lake Forest, Ill., has 30 years of sales and operational experience in the outdoor and travel goods markets.
“In putting together a list of criteria for our initial acquisition, the Granite Gear brand and team fit the bill perfectly,” said Kinsley. ”We see tremendous opportunities both domestically and internationally with the superior quality and heritage the brand exemplifies.”
Zee Zhuang will assume role of VP of operations. She will spearhead the daily operations and factory relationships of the newly formed entity.
Rob Coughlin, who will hold title of senior VP of sales and product development, has 20 years of executive level experience in sales and operations in the branded outdoor and travel bag industry.
Design and manufacturing will remain in Two Harbors.
“We feel great about the acquisition,” said Knight, who will serve as the company’s managing director. ”After several meetings with the new team, we quickly felt like they were longtime friends. It really sealed the deal for us when it became clear they saw the value of our Northern Minnesota headquarters and our long-term team of dedicated and talented staff. We are all looking forward to continued growth and innovative developments with this influx of new leadership, experience and capital.”
D.A. Davidson & Co. served as financial advisor to Granite Gear Inc. and Granite Gear Tactical in this transaction.