PAI-backed AS Adventure bolts on Snow & Rock

According to AS Adventure, the combination of newly-acquired Snow & Rock and existing brand Cotswold Outdoor could lead to the formation of the largest actor in the UK outdoor retail market, with a £210m turnover. The bolt-on will lead to the Belgian group's turnover increasing to €550m, up from €360m in 2013.

LGV's sale of Snow & Rock comes almost five years after the firm acquired the business in a MBO alongside previous owner Andrew Brownsword, who co-invested significantly. The 2010 deal, thought to sit in the £50-100m range, featured a debt package by Lloyds TSB Bank and Investec Growth & Acquisition Finance, which also provided mezzanine financing.

Previous funding
In November 2007, Lion Capital invested €263m to acquire an 85% stake in AS Adventure Group from Mitiska. Meanwhile, company CEO Emiel Lathouwers and management remained as shareholders. At the time, AS generated €205m in sales, according to unquote" data.

After almost eight years of ownership, Lion Capital agreed to divest AS to PAI Partners in February 2015. The SBO, valuing the business at €400m, was carried out alongside the co-investing senior management team and was thought to involve a €200m debt package.

Company
Founded in 1982, Snow & Rock is an outdoor equipment and clothing retailer operating under the Snow & Rock, Cycle Surgery and Runners Need brands. Headquarted in Guildford, the business manages a network of 46 stores across the UK and Ireland.

Antwerp-headquartered AS Adventure Group sells clothing and footwear for biking, trekking, climbing and other outdoor activities. Founded in 1995, it operated a network of 151 stores in France, Belgium, Luxembourg, the UK and the Netherlands and employed 1,800 staff before the acquisition of Snow & Rock.

People
Frederic Hufkens is chief executive of AS Adventure Group.

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• Topics
• Benelux
• UK / Ireland
• Consumer
• Expansion
• Exits
• Belgium
• United Kingdom
• PAI Partners
• Lion Capital