Yeti Buys Backpack Manufacturer Mystery Ranch
Yeti has set its sights on Mystery Ranch, laying out plans to purchase the high-end backpack maker for an undisclosed sum.
The Montana-based backpack manufacturer will continue to operate out of its Bozeman headquarters, with plans to integrate teams and functions rolled out over the next several months.
In a statement, Yeti’s president and CEO, Matt Reintjes, said both companies have a goal to build “load-bearing equipment that delivers in the harshest environments,” making Yeti and Mystery Ranch “a natural fit.”
Mystery Ranch founder Dana Gleason echoed this sentiment, calling Yeti the “perfect partner” to continue making “load-bearing equipment” for “the most extreme users as well as the everyday mission.”
Since launching in the year 2000, Mystery Ranch has been under the stewardship of original owners and founders Dana Gleason and Renée Sippel-Baker. Yeti was established by the Seiders brothers in 2006 and has shown steady growth over the last few decades.
Yeti’s Product Expansion Plans
Sales of outdoor equipment have seen an uptick since the pandemic, as interest in hiking, camping, and other nature-based activities has taken off. According to research firm Circana, outdoor equipment sales were up 37% in 2023 compared to 2019.
As a market leader in outdoorsy equipment, Yeti is no doubt eager to continue to diversify offerings and strengthen its foothold in key product categories within this expanding market. This is not the first acquisition Yeti has made so far this year. In January, the consumer products company acquired Butter Pat, a cast-iron skillet company, as part of its strategy to bolster its position in the food and drink equipment category.
Over the last few years, in line with its rapid growth, Yeti has made significant investments in various strategic initiatives, including expanded customization capabilities and product expansion – fueled by a focus on data and analytics.
In the context of product expansion, Yeti's dive into data analytics has provided a solid foundation for identifying growth opportunities, understanding consumer needs, and developing tailored products to meet market demands effectively.
“We had some great things come out of our advanced analytics team in looking at demographics, in geographies, with affinities for categories and then applying things in front of consumers at that point,” said Reintjes in a call with investors last year. “And the results we're seeing in those, we're now expanding those results more nationally.”
