BROOMFIELD, Colo. - A Twin Cities outdoor sports institution is changing hands after being purchased by a Colorado ski resort giant.
Specialty Sports Venture, the retail division of Vail Resorts, Inc. (NYSE: MTN), announced Wednesday the acquisition of Hoigaard's, a leader in Minnesota's outdoor equipment and apparel industry since 1895.
Located in St. Louis Park, Hoigaard's is considered by some to be the leading specialty provider of snow sports equipment in the region. The 20,000 square foot store features both equipment and clothing for skiers and snowboarders, nordic gear during the winter months and bikes, paddle sports and camping gear in the summer months.
Terms of the sale have not been disclosed.
"We are thrilled to be adding such a premier and beloved outdoor specialty store in the Twin Cities area to our retail family," said Kat Jobanputra, COO of Specialty Sports Venture in a written statement. "Hoigaard's has a stellar reputation and their commitment to outstanding selection, product knowledge and unparalleled customer service, are perfectly aligned with the qualities that define the Specialty Sports Venture culture and philosophy," he added.
In 1960, Hoigaard's expanded from its historical roots in the tent and awning business to become one of the first ski stores in the Midwest. For more than 50 years the store has continued to be one of the region's premier ski and snowboard shops.
Specialty Sports Venture will retain the Hoigaard's name and president Todd Brewer, married to a fourth generation member of the Hoigaard's family, will remain with the company. The majority of the store's existing employees will be given that option as well.
Brewer, who has been with the company for the past decade, sounds optimistic about the future of the Specialty Sports Venture collection.
"The opportunity to be aligned with companies like Vail Resorts and Specialty Sports Venture will allow us to continue to grow and prosper," explains Brewer. "We have the same values for employees and customers and that's very important to us," he added.
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