Triton forms LeDap Group

The company was formed via more than 30 acquisitions in Europe, the GP said in a statement, adding that the company's growth, ESG agenda and digitalisation prospects made LeDap an appealing investment.

Triton said in the same statement that it was advised on the company formation by Urban Johansson (the owner of the Swedish Padel Open) and Hernan Auguste (the former number one padel player globally and former international manager at the World Padel Tour).

Specialist publication Padel Magazine reported that Triton is expected to invest SEK 2.5bn (EUR 250m) as part of the deal.

The GP is deploying equity via The Triton Fund V, a EUR 5bn buyout vehicle that held a final close in December 2018. The fund targets European mid-cap deals and has made 14 deals to date, including its SBO of Swiss IT Security from Ufenau in July 2021.

Further capital from the fund has been earmarked for future organic and acquisitive growth, as well as for investments in the sport.

Unquote reported in September 2021 on the prospects for private equity investment in European sport, a sector that has battled uncertainty amid the coronavirus pandemic.

CVC is one sponsor that has been particularly active in the space; the GP invested in FIVB, the Switzerland-headquartered governing body of volleyball, in February 2021. The following month, the firm invested GBP 365m in the Six Nations rugby tournament. In August, the GP took a 10% stake in Spain's major football league, La Liga.

Company
Formed in 2021 and headquartered in Stockholm, LeDap is a company that aims to support the growth, innovation, digitalisation and professionalisation of padel, a racquet sport that was invented in Acapulco, Mexico, in 1969, and combines elements of tennis and squash. The company operates in Sweden, Norway, Finland, Denmark, Poland, Estonia and Austria, managing 90 centres with more than 900 padel courts.

People
Triton – Per Agebäck (co-head of consumer); Peder Prahl (CEO, managing partner).
LeDap – Pontus Gustafsson (CEO).

Advisers
Equity – White & Case (legal); Alvarez & Marsal (corporate finance); BCG (commercial due diligence); Look Closer (management due diligence).

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