Livingbridge exits Inov-8 to Descente

JosУЉ Rojo
05 August 2015

Tweet
Facebook
LinkedIn
Google plus
Send to

Livingbridge has sold its minority stake in UK sportswear brand Inov-8 to Japanese strategic buyer Descente, three years after investing in the company.

Descente, an Osaka-headquartered skiing outfitter, will back Inov-8 as the business aims to further expand internationally.

The exit comes three years after Livingbridge entered Inov-8's capital structure via a £13.5m cash injection in May 2012. The GP's investment was financed via the £238.5m Isis IV fund.

With the firm as shareholder, Inov-8 has reportedly doubled growth and expanded into new markets following the addition of clothingwear to its existing footware offering.

The trade sale is the second undertaken by Livingbridge in the consumer space in the recent months. In March, the GP divested its interest in UK-headquartered online bathroom retailer Luxury for Less to corporate Wolseley.

As is the current case with Inov-8, the exit followed a short holding period as it took place less than two years after the GP's initial £8.5m investment.

Company
Founded by Wayne Edy in 2003, Inov-8 is a sportswear brand focusing on footwear and clothing worn by running racers and mountain runners. Headquartered in County Durham, the company distributes its products via a network of retailers across almost 70 countries in all continents.

Inov-8 most recently posted £17.4m in revenues, three-quarters of which came from overseas. According to the business, the figure is the result of a 60.52% year-on-year sales boost throughout the last three years.

People
Livingbridge was represented by partner Adam Holloway. Gordon Baird is CEO at Inov-8.

Advisers
Vendor – Pinsent Masons (Legal); KPMG (Corporate finance).
Acquirer – Reynolds Porter Chamberlain (Legal); Nimbus (Corporate finance).