Chief executive Mark Neale, who built the retail chain from a single store in Swindon in 1997, believes there is room for as many as 300 outlets, with market towns and popular walking-tour destinations among his targets.
There are currently 169 stores employing 1,200 people, following the addition of 60 outlets during its period of minority ownership by the private equity arm of Lloyds Banking Group since August 2010.
Mr Neale said: "Having had four private equity investors over the last 16 years, we have now taken the opportunity to buy back full control and to push ahead with our exciting expansion plans."
The management buy-out, which values the whole business at £85 million, has been backed by Royal Bank of Scotland and Alcentra, part of BNY Mellon.
Mr Neale said like-for-like sales were up 10% so far this year and that business had more than doubled online.
As it typically targets more affluent market towns in the UK, with recent store openings taking place in Harrogate, Whitstable and Totnes, its growth drive in the UK has been hampered by the lack of suitable sites.
Mr Neale added: "We've got a list of about 50 towns of where we'd like to be, but it's not particularly easy to find shops.
"If you read some of the press you get a sense that half of the UK high street is boarded up, and anybody wanting to expand can have any shop they like for free, but it's not really like that.
"A lot of the more affluent towns where we trade well are actually quite difficult to get into as there's still quite a lot of life left in them."
Mountain Warehouse has six stores in Poland, and Mr Neale said it will also look to roll out in countries where the weather suits its business, such as the Netherlands, Denmark and Germany.