3i's Go Outdoors in £33m refinancing

The new debt facility will allow Go Outdoors to open new stores, refurbish existing outlets and continue the development of its multi-channel operation.

The financing deal comes with a three-year maturity, with the option to extend to the fall of 2018.

3i provided Go Outdoors with £28m of growth capital funding in 2011. The GP acquired existing shares from YFM, and also agreed to acquire newly issued shares to secure a minority stake in the business. It invested through the 3i Growth Capital Fund, which closed on €1.2bn in 2010.

YFM backed the business's MBO in 1998 and reinvested in 2002. the VC firm has already partly realised its investment in Go Outdoors, with total returns so far representing 30x the overall cash invested in the business.

Company
Go Outdoors is a Sheffield-based retailer of outdoor clothing and equipment. It operates more than 40 outlets across the UK. Founded in 1969, Go Outdoors posted a £171m turnover for 2012 – a 19% increase on the previous year's figure. The business generated an EBITDA of £9.4m.

People
Pete Wilmer worked on the deal for Barclays.

Advisers
Company – BHP Corporate Finance (Corporate finance); DLA Piper (Legal).

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• Topics
• UK / Ireland
• Restructuring
• Consumer
• United Kingdom
• 3i
• YFM Group
• Barclays
• Refinancing