Kathmandu founder buys $20m Macpac stake
Jan Cameron, the founder of New Zealand outdoor company Kathmandu, has bought a $20 million stake in New Zealand competitor Macpac Outdoors.
Ms Cameron sold Kathmandu for $277 million in 2006 to a consortium consisting of Goldman Sachs JBWere Private Equity, Quadrant Capital Private Equity and Kathmandu management.
Kathmandu placed a restraint of trade on MsCameron five years ago to prevent her from starting a rival company. The restraint expired in May 2011.
Macpac director Campbell Junor, who worked with Cameron when she owned Kathmandu, confirmed the stake sale and said Cameron would be “reasonably active” in decision-making and strategy.
Macpac has 15 stores in New Zealand and 14 in Australia. It also sells into outdoor clothing stores in Europe, UK, Japan, Hong Kong and South Korea.
“We have a lot more potential in our business than we are currently realising,” Mr Junor said.
Kathmandu chief executive Peter Halkett said there was space for everyone in the outdoor category and if Ms Cameron wanted to get back into it then so be it.
“Jan is one of a number of competitors we face. Obviously there is a history there, we are disappointed that we weren’t able to have a relationship with Jan and that she couldn’t still be involved in the company.
“She has obviously chosen a different path for whatever reason, that path was chosen some time ago.
“The business of Macpac has opened a significant amount of stores over the past three years and clearly have taken some sales in the market. At the same time Kathmandu has also grown significantly.”
