Majority stakes of Edmonton-based, Marv Holland Apparel, are bought by Victoria's Peter Gustavson.
Marv Holland Apparel is a key manufacturer of uniforms and fire-retardant protection gears, the kind worn in oil-patch. According to Gustavson, these products are quite exciting to work at, as they their demand is slowly increasing.
The firm earns $11 million in yearly sales, has over 75 employees and sells its goods to more than 6,000 stores in Canada. Gustavson is hoping that, with the purchase of majority stakes in the company, they will witness a surge in sales across Canada and also in its presence in the US and global markets.
In 1992, Gustavson had established Custom House Foreign Exchange, a global payment firm. This company was sold via his Gustavson Capital company, a private equity firm, to Western Union in the middle of the year 2009, for about $370 million. Then, Custom House had 630 employees spread across seven countries. Gustavson considers this purchase as a sign of good and timely opportunity.
Fibre2Fashion News Desk - India