PAI buys AS Adventure from Lion

AS Adventure's senior management team reinvested in the company alongside PAI.

The deal is understood to be worth €400m, with reports stating that a €200m debt package was being put together in preparation for PAI's takeover earlier this week.

Lion began looking at exit options for AS Adventure last year, including a potential IPO. It hired Rothschild to oversee the sales process.

In May 2014, Clayton Dubilier & Rice and Waterland Private Equity were named in the press as potential suitors.

Previous investment
According to unquote" data, Vendis Capital acquired a 50% stake in AS Adventure in May 1998. At the time, it generated €15m in revenues.

In November 2007, Lion bought AS Adventure from Vendis in a deal valuing the company at €263m. Lloyds TSB provided a debt package. The company generated €200m in turnover at the time.

Lion acquired an 85% stake in the business, while founder and former CEO Emile Lathouwers held a 10% stake and management took the balance of 5%.

Company
Founded in 1995 and headquartered in Antwerp, AS Adventure is a retailer of outdoor equipment and clothing.

It operates under several different brands throughout Europe, including: AS Adventure in France, Belgium and Luxembourg; Cotswold Outdoor in the UK; and Bever in the Netherlands. The company has a network of 151 stores.

AS Adventure's product range includes outdoor clothing and footwear, as well as equipment for biking, trekking, climbing, skiing and camping.

The company generated revenues of €360m in 2013. It employs 1,800 staff.

People
Frederic Hufkens is the CEO of AS Adventure. Fabrice Fouletier is a partner at PAI. Robert Darwent is a partner at Lion.

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• Topics
• Buyouts
• Benelux
• Consumer
• Exits
• Belgium
• PAI Partners
• Lion Capital
• Secondary buyout