BOSTON (CBS) – Local Outdoor retailer Eastern Mountain Sports has been acquired by Philadelphia-based Versa Captial Management.

Mark Walsh, a Versa Principal and Chairman of Bob’s Stores will serve as Chairman of the Board of EMS.

The purchase terms were not made public.

According to Walsh, no major initiatives will be considered until the company finishes the holiday season.

“The EMS customer will see no change to the high touch, differentiated experience they are accustomed to in all of our locations and online.” Walsh also noted that plans call for exploring opportunities for Bob’s Stores and EMS to collaborate, and for maintaining all of the current EMS stores.

Versa’s portfolio also includes Avenue Stores and Black Angus Steakhouses.

EMS began in 1967 with its first store in Wellesley. Today, the company is based in Petersborough, N.H. and has 69 stores in 12 states, employing 1,500 people.