Burnaby-based Mustang Survival and U.S. company MTI Adventurewear are merging in a deal the local company hopes will allow it to “become a key player in the paddlesports market.”
Wing Inflatables, Inc. has acquired the assets of Water Borne Sports, LLC, doing business in the paddlesports marketplace under the brand MTI or MTI Adventurewear. The deal closed July 31, 2020.
The Wing Group is a leading manufacturer of small combat craft, white-water rafting solutions, life rafts, and marine doors and windows.
“It recently closed on the acquisition of MTI with the sole purpose of building on its recreational portfolio and adding an existing, well-respected paddling brand to merge with Mustang Survival to accelerate the brands presence in the human-powered sports market,” said a news release.
MTI Adventurewear merging with Mustang Survival provides a stable platform and growth investment opportunity said Wing Group CEO Andrew Branagh.
“A year ago, we acquired Mustang Survival and have been driving the management team vision to create a full-scale Recreation Brand,” said Branagh. “Paddlesports is a high-growth sector, and we recognized there was a gap in our assortment in this key category that needed to be filled if we wanted to be relevant to consumers. MTI Adventurewear represented an incredible opportunity to merge with the Mustang Survival Brand, DNA and product to fill that gap. Together we can now provide premium foam flotation solutions in a full assortment to increase the commercial appeal to a broader selection of consumers. The merger of MTI into Mustang is truly a situation whereby 1 + 1 = 3.”
The MTI Adventurewear product line will be merged with the Mustang Survival brand in the Wing Group Portfolio, and husband-and-wife owners Gordan and Lili Colby will both take on new roles at Mustang Survival going forward.