Outdoor products company Yeti announced Wednesday that it has acquired growing pack brand Mystery Ranch.
Terms of the deal were not disclosed. The Daily will update this story with more information from the companies as this develops.
“Mystery Ranch packs have earned a global reputation within the most demanding communities by building load-bearing equipment that delivers in the harshest environments,” said Matt Reintjes, president and CEO of Yeti.
Reintjes added that Mystery Ranch’s “obsession with quality make it a natural fit with Yeti.”
“Their ethos, passion, and people not only align with the Yeti team, but also connect well with our commitment to innovation and our customers,” he said.
Like Yeti, Mystery Ranch products have been built with durability and performance in mind for over two decades whether for use on the fire line or the backcountry, according to a news release.
“Yeti’s passion for innovation and the outdoors aligns closely with our founding vision,” said Dana Gleason, co-founder of Mystery Ranch. “Renée Sippel-Baker, my co-founder, and I know they are a perfect partner to build upon our long history of making the best load-bearing equipment in the world for the most extreme users as well as the everyday mission.”
Mystery Ranch will continue to operate out of Bozeman and will work with Yeti over the next several months to integrate teams and functions, according to a release.
The parent company of Yeti competitor Hydro Flask also acquired an outdoor backpack company, Osprey, in 2021. Helen of Troy paid $414 million in cash for the maker of outdoor backpacks and daypacks. The deal was seen as complementary to Hydro Flask in growing Helen of Troy’s reach in the outdoor space.
Mystery Ranch’s Rapid Growth Since Pandemic
In August, Alex Kutches, president of Mystery Ranch, told The Daily that the wholesale market in North America had been tough, but that the brand’s direct-to-consumer business was hitting its goals and growing.
Kutches added that the business had grown substantially since the COVID-19 pandemic.
Alex Kutches, president of Mystery Ranch. Courtesy of Mystery Ranch.
As a privately held company, Kutches declined to say how much the company had grown financially, but he said the business was “way up over 2019.”
By July 2023, for example, the company had already beat full-year 2019 revenue numbers. For the outdoor segment specifically, the business is about four times bigger than what it was in 2019, Kutches said.
Mystery Ranch as a brand started in 2000, but founders Gleason and Sippel-Baker were making packs as far back as the 1970s. Now the company has 106 employees and sells to about 450 retailers across North America.
For Spring 2024, the company launched a new line of technical backpacks designed for lightweight backpacking, hiking, climbing, and trail running.
In November, Yeti Holdings reported flat sales in the third quarter as the company managed the voluntary recall of its soft-sided coolers.
Sales were $433.6 million for the quarter ended Sept. 30. Yeti will announce its fourth quarter earnings for 2023 on Feb. 15.
