Laval-based outdoor retailer SAIL, which filed for bankruptcy protection six years ago, has announced the transfer of its ownership to three members of its current leadership team.
The transaction marks the acquisition of the company by executives Isabelle Lemay, CPA, President and Chief Executive Officer, Stefania Cella, CPA, Vice President and Chief Financial Officer, and Catherine Venne, MBA, Vice President of Marketing.
In a statement issued on March 31, the company said the management-led buyout “represents a concrete example of female business succession in Canada and ensures the continuity of the company’s vision and growth within the country.”
According to the company, the three executives have in-depth knowledge of both the organization and the retail sector, which led the group’s two principal founding shareholders to invite them to take over SAIL as part of this transaction.
“As women entrepreneurs, we are very proud to continue SAIL’s story here in Canada,” said Lemay.
“We share a common vision: to keep evolving the company while staying true to its mission of supporting outdoor, hunting and fishing enthusiasts in all their activities. We aim to position SAIL as the go-to partner for outdoor activities in Canada — an even stronger, more relevant and more inspiring destination for the years ahead.”
During the summer of 2020 towards the beginning of the COVID-19 pandemic, SAIL management at the time said store closures and other fallout from the pandemic seriously compromised the company’s cash flow and finances.
The Fonds de solidarité FTQ, which has partnered with SAIL since 2005, said in a statement accompanying the new management’s announcement that they are “proud to support this succession led by three seasoned executives, which ensures that a flagship retail company rooted in several regions of Quebec remains in local hands.
“This transfer clearly demonstrates the role that business succession — particularly female-led — plays in Quebec’s economic vitality,” said Louis-Joseph Cliche, vice president for private equity and impact investing in agri-food, consumer goods and health at Fonds de solidarité.
SAIL said it sees the transaction coming at an opportune time for the outdoor industry, with consumer trends showing a growing interest in outdoor activities, as more Canadians choose to travel domestically and enjoy natural spaces, contributing to the sector’s continued growth.
SAIL said its vision for the coming years includes continued commercial expansion and the potential opening of five new stores within five years, strengthening its presence in Quebec and Ontario.
