Gander Mountain has been purchased by Camping World.
Camping World Holdings Inc. and a group of liquidators won a bankruptcy auction for Gander Mountain Co. last Friday, according to bankruptcy court filing.
The deal has been valued at $390 million to $400 million. The CEO and chairmen of Camping World is Marcus Lemonis, a television personality. He took his company public last fall and raised $251 million.
Regarding the deal, Lemonis stated,
"The liquidation of the existing Gander Mountain inventory will allow us to start with a clean slate of what we consider the appropriate mix and level of inventory, including the addition of Camping World and Overton offerings where appropriate. Our lease designation rights will allow us to select only those stores in appropriate locations with appropriate cost structures. "
Lemonis, referring to the buyout, said it includes "services, protection plans, products and resources to the existing Gander Mountain and Overton customer base and in stores which we elect to operate."
The auction also included Overton's inventory assets and was valued at $15.6 million in addition to $22.15 million for other assets.
The direct future of Gander Mountain is uncertain, but the buyout appears to be positioned to keep various profitable or on-pace to be profitable stores to remain open.