G.I. Joe's Sold to Gryphon Investors and Management - SNEWS

G.I. Joe's Sold to Gryphon Investors and Management

G.I. Joe's, Inc., the leading independent full-line sporting goods and outdoor retailer in the Pacific Northwest, has announced it has signed an agreement with Gryphon Investors, a San Francisco-based private equity firm to complete a transaction which provides liquidity to the company's current shareholders and solidly positions the company for continued growth.
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PORTLAND, Ore.-- G.I. Joe's, Inc., the leading independent full-line sporting goods and outdoor retailer in the Pacific Northwest, has announced it has signed an agreement with Gryphon Investors, a San Francisco-based private equity firm to complete a transaction which provides liquidity to the company's current shareholders and solidly positions the company for continued growth. Terms of the transaction were not disclosed.

Norm Daniels, G.I. Joe's Chief Executive Officer, and his entire management team will remain in place and continue to own a substantial share of the company. The transaction is expected to close later this month, contingent upon a favourable vote by G.I. Joe shareholders.

The company carries a full line of sporting goods, apparel and footwear and related merchandise. It operates 26 stores in Oregon and Washington, including one outlet location. The stores range in size from 36,000 to 70,000 square feet and offer over 60,000 SKUs. Revenues for this fiscal year will exceed $240 million.

Norm Daniels said, "We are pleased to be partnering with Gryphon as we enter a new growth phase for Joe's and move our store concept to the next level. The niche we've built in offering leading brand name merchandise that is typically unavailable at traditional big-box retailers, coupled with our superior customer service, has made our stores the area's go-to destination for sporting goods, outdoor and athletic gear. We are also proud of the reputation we have developed as an outstanding employer and exemplary corporate citizen in our markets and we expect to continue our reputation in that regard as we grow."

"Joe's is extremely well-positioned in its market and has a truly differentiated knowledge of the Northwest outdoor lifestyle and experience," commented Kurt Kaull, Gryphon Partner. "The company has a healthy and proven business model of increasing same store sales and rolling out new stores in contiguous geographies, and we are delighted to be working with such a talented management team to grow this successful franchise."

About Gryphon Investors
Based in San Francisco, Gryphon Investors focuses on acquisitions of and growth investments in middle market companies in partnership with experienced management. With approximately $800 million of equity capital under management, Gryphon typically seeks to invest $25 to $50 million of its own capital in companies with sales ranging from $25 to $150 million. Gryphon prioritizes investment opportunities where it can form proactive partnerships with owners and executives to build leading companies, utilizing Gryphon's capital, professional resources and significant financial and operational experience. Visit www.gryphoninvestors.com for more information.

CONTACT: Shannon Burley, Director of Corporate Communications of G I
Joe's, +1-503-570-1451

Web site: http://www.gryphoninvestors.com/

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