Major news slammed the outdoor industry today, as YETI Holdings, Inc. announced it had signed an agreement to acquire the Bozeman, Montana-based tactical, hunting, and outdoor pack maker, Mystery Ranch. The financial terms of the deal were not immediately disclosed. YETI president and CEO Matt Reintjes highlighted the brands’ product and consumer similarities in a press release announcing the deal.
“MYSTERY RANCH packs have earned a global reputation within the most demanding communities by building load-bearing equipment that delivers in the harshest environments. Their ethos, passion and people not only align with the YETI team, but also connect well with our commitment to innovation and our customers,” Reintjes said. “Their communities, ambassadors and obsession with quality make it a natural fit with YETI.”
Mystery Ranch co-founder Dana Gleason echoed the synergy.
“YETI’s passion for innovation and the outdoors aligns closely with our founding vision,” he said in a press release. “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.”
The move comes just 2 weeks before YETI’s Feb. 15 conference call to share its fourth quarter and fiscal year 2023 financial results.
Mystery Ranch will continue to operate out of its Bozeman headquarters and work with YETI “over the next several months to integrate teams and functions,” the press release stated.
YETI Acquires Mystery Ranch
Both brands have well-respected products within both the general outdoor and hunting spaces. And, both have steadily expanded their offerings into more general outdoors markets — YETI with its camp chair and tote bags, and Mystery Ranch with packing cubes and hip packs, for example.
For its part, Mystery Ranch already has a slate of new products just released for spring 2024, including its debut foray into the ultralight market with the Gallagator and Radix lines. Mystery Ranch also has significant military, industrial, and search-and-rescue product lines.
Where Did They Come From, and Where Are They Going?
Mystery Ranch launched in 2000 and until today, has remained under the same ownership of founders Dana Gleason and Renée Sippel-Baker. YETI, meanwhile, was founded by brothers Roy and Ryan Seiders in 2006. Its rise was meteoric and in the 15 years since it launched, it has now reached a market cap of $3.9 billion.
While the news is big for the industry, it’s not the only acquisition YETI has made this year. In January, the Austin, Texas, giant purchased Butter Pat, which manufactured YETI’s (shocking) $400 cast iron pan in 2023.
Stock Titan, a market analysis site that uses AI to evaluate trends and news, said that while the acquisition positions YETI to grow its core consumer base, it’s “crucial to ensure that MYSTERY RANCH’s brand identity is preserved to maintain its loyal customer base.”
YETI and Mystery Ranch were not immediately available to comment on this story.