Bever Zwerfsport (Netherlands) - Oct 2007

Halder, which is part of Belgian investment group GIMV, has sold its stake in Bever Zwerfsport to the Belgian corporation AS Adventure. The sale has a positive impact of E13.4m (E0.58 per share) on GIMV’s last published equity value as of 31 March 2007. The IRR and money multiple figures for the investment remained undisclosed, but Halder called the investment “successful”.

Previous Funding

In 2004 GIMV bought a majority stake from the company’s founder, Fred van Olphen, in a management buyout. Halder received a tip from NIB Capital about the upcoming auction and Van Lanschof Bankiers provided the financing package. Halder realised part of its original investment in a refinancing in 2006.

Company

Founded in 1977, Bever Zwerfsport provides high-end outdoor articles and accessories in its 28 stores in the Netherlands. The company also has a store in Belgium. The items sold include a wide range of clothing, footwear and other articles for outdoor activities, such as expeditions, mountaineering and camping. The outdoor chain offers internationally-renowned brands, including the North Face, Tenson, Haglöfs, Fjällräven en Berghaus and a large number of private label products. The company acquired Frans de Witte in 2005, a Dutch company offering family camping articles. In 2006 Bever Zwerfsport realised sales of E45.8m with almost 600 employees.

AS Adventure’s activities are similar to those of Bever Zwerfsport, and the acquisition will help the company expand its regional presence. The company has 29 stores in Belgium, and it also owns the British company Cotswold Outdoor, an outdoor chain with 26 stores in the UK.

People

Ivo Vincente, senior investment adviser, led the transaction on behalf of Halder.

Advisers

Equity - Allen & Overy , (Legal)Vendor - Holland Corporate Finance, (Corporate Finance)Vendor - Houthoff Buruma, (Legal)Vendor - Koomen Corporate Finance, (Corporate Finance)

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