PAI Partners has acquired AS Adventure Group, a Belgian retailer of outdoor clothing and equipment, in a secondary management buyout from Lion Capital for €400m.
Consortium of investors supporting the funding round includes existing and new backers
Vehicle is larger than its predecessor, Xenon Private Equity VI, a €184m fund closed in July 2014
GP intends to boost the company's organic growth and further strengthen its market position
Acquisition of the family-owned company adds to the GP's industrial portfolio