Pelican International, which is backed by Fonds de solidarité FTQ, has acquired a majority stake in GSI Outdoors, a Spokane, Washington-based outdoor equipment business. No financial terms were disclosed. Laval, Quebec-based Pelician is a maker of kayaks, canoes, pedal boats, stand-up paddle boards, fishing boats and watersport accessories.
LAVAL, QC, May 19, 2022 /CNW/ – Pelican International Inc, a world leader in paddle sports, acquires a majority stake in GSI Outdoors, a leader in the outdoor equipment industry. This transaction marks a major step in the growth of Pelican, which is building on a solid foundation to diversify its offering in the North American and international outdoor market.
“The acquisition of GSI Outdoors, our third since 2019, allows us to pursue our ambition to be an eco-friendly leader in the outdoor equipment sector by investing in a portfolio of renowned brands that respond to the growing desire of the population to connect more with nature. While our last acquisitions consolidated our leading position in the paddle sports, fishing boats and nautical accessories sector, the integration of GSI Outdoors into our fold allows us to diversify our activities and makes a remarkable entry into a sector that has shown sustained growth for several years which is expected to be maintained for the years to come,” said Danick Lavoie, President and CEO of Pelican International.
Focus on growth and diversification
With a rich 50-year history, the Quebec-based family business has carved out a special place in the hearts of outdoor and water sports enthusiasts. Today, Pelican International has met its desire to expand its offer to nature lovers by getting out of the water and accompanying them around the picnic table thanks to another family business, GSI Outdoors, and its innovative camping equipment and accessories.
Based in Spokane, Washington, USA, GSI Outdoors has been designing and distributing quality outdoor cooking and hydration products for the outdoors for over 37 years.
“It was our love of the outdoors and our desire to provide quality products that motivated us to found GSI Outdoors in 1985. Today, our commitment remains the same and in Pelican International we have found the perfect partner to take the company to the next level,” said Don, Ian, and Kathy Scott, co-founders. Ian and Don will remain at the helm of the company for the next cycle of growth for GSI Outdoors.
A booming sector
According to the North American Camping Report 2021, the growth prospects for the outdoor and camping market were excellent, long before the pandemic which has caused an unprecedented craze for outdoor activities and products. In 2021, the global market was estimated at US$ 15 billion and is expected to reach US$ 21 billion by 2026, boding well for steady demand for camping products in general.
“Pelican intends to quickly leverage the reputation, distribution channels as well as the supply and innovation capabilities of both companies to offer more to our retailers, and meet the expectations and aspirations of camping, fishing and paddling enthusiasts,” concluded Pelican President and CEO Danick Lavoie.
As GSI Outdoors joins the Pelican Group of companies, the Laval-based company will now have more than 1,100 employees in North America, revenues in the hundreds of millions of dollars, and a portfolio of well-established companies and brands.
About Pelican International
Pelican International is a world leader within the paddle and nautical sports industry. Renowned for exceptional quality, innovation and expertise, Pelican has become the foremost global authority in the design and manufacture of kayaks, canoes, pedal boats, stand-up paddle boards (SUPs), fishing boats, and watersport accessories.
As an international driving force within the industry, Pelican and its group of companies offer to both paddle sports and everyday outdoor enthusiasts a diverse array of products through its portfolio of well-known brands: Pelican®, Wilderness Systems®, Perception®, Dagger®, Mad River Canoe®, Harmony Gear®, Advanced Elements, Adventure technology and Boardworks®.
Pelican International has three manufacturing sites in North America—this strategically located distribution footprint allows our clientele to easily procure kayaks, paddle boards and boats anywhere they choose to enjoy the water.
About GSI Outdoors
A small, family-owned company, GSI Outdoors makes hydration, cookware and dining products that bring the comfort of home cooking practices to the great outdoors. Since 1985, GSI Outdoors has produced innovative dining gear for use at the campsite, on the trail, and everywhere in between.
Pelican is advised by Reed Smith LLP as legal counsel.
GSI is advised by Deloitte Corporate Finance LLC as M&A advisors and Dentons served as legal counsel.