In response to media reports that Equip Outdoor Technologies was planning to sell off outdoor brand Rab, Matt Gowar, CEO and owner of Equip, said no change in ownership is planned for now or in the near future.
Gowar’s statement comes after the Financial Times ran a story on Friday saying that Equip had appointed advisors to explore options for a sale, citing sources familiar with the process.
The FT said Equip, which also owns sister label Lowe Alpine, had enlisted bankers at Raymond James to weigh opportunities for Rab.
In a statement, Equip said Raymond James was hired to support the business with its “strategic decision making,” which is a common practice.
“There is no sale planned in the near future,” Gowar said in a release. “I’m proud of Rab and what we have achieved with the brand.
Gowar Stepping Down Not a Factor
Gowar announced last month that he was stepping down as CEO of Equip 20 years after buying Rab. He will remain on the executive board.
“My announcement about my role as CEO has no impact on Equip’s ownership of Rab,” he added. “We are a proudly independent company, and keeping Rab within the business is important to me and Equip.”
Gowar went on to say the media speculation was unfounded.
Rab On the Rise
According to retailers who have spoken with The Daily, Rab is increasingly popular among outdoor consumers.
Equip posted £120 million ($131 million) in revenue for fiscal year 2023, a 25% increase from last year.
The global business now operates through 26 manufacturing partners across Asia as well as a manufacturing site in the United Kingdom plus sales offices in eight countries across North America and Europe.
The brand also recently won ISPO Awards for the Rab Mythic Ultra 120 sleeping bag and Ultrasphere 4.5 sleep mat.
“Rab has grown due to the passion that my teams and I have for the brand, and for continuing to develop innovative and technical products for our customers,” Gowar said.
Bart Schaneman can be reached at bart@ordaily.outdoorretailer.com.
