Gryphon Closes Acquisition of G.I. Joe's

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SAN FRANCISCO-Gryphon Investors, a San Francisco-based private equity firm said Monday that it has closed on its acquisition of G.I. Joe’s Inc., a 26-store sporting goods chain based in Wilsonville, OR. Terms of the transaction were not disclosed.

G.I Joe’s stores are located in Oregon and Washington. Ranging from 36,000 sf to 70,000 sf, they carry a full line of sporting goods, apparel and footwear and related merchandise. The chain’s gross revenue for the current fiscal year is expected to top $240 million.

Wells Fargo Retail Finance reportedly provided the acquisition loan. Houlihan Lokey acted as financial advisor to G.I. Joe’s Inc. G.I. Joe’s Chairman Norm Daniels says the company’s management will remain in place and continue to expand the chain.

“Joe’s is extremely well-positioned in its market and has a truly differentiated knowledge of the Northwest outdoor lifestyle and experience,” says Gryphon Investors partner Kurt Kaull in a statement. “The company has a proven ability to grow same store sales and successfully roll out new stores… .”