LONDON (Reuters) - PAI Partners, a Paris-headquartered private equity firm, has bought outdoor outfitter AS Adventure Group from British private equity rival Lion Capital LLP, the companies said on Wednesday.
The deal values AS Adventure at around 400 million euros (301 million pounds), according to two sources familiar with the deal.
Fabrice Fouletier, partner at PAI, said his firm planned to help AS Adventure expand via more stores, online operations and potentially acquisitions.
AS Adventure operates 151 stores under various brands including AS Adventure in Belgium, France, Germany and Luxembourg, Bever in the Netherlands and Cotswold Outdoor in Britain.
Its senior management team will continue to lead the group and will reinvest alongside PAI.
“This new partnership with PAI is a major step for AS Adventure and will benefit both our customers and employees,” said AS Adventure Chief Executive Frederic Hufkens.
“This is a tremendous opportunity for our group to accelerate growth both locally and in new countries.”
Bankers were working on debt financing packages of around 200 million euros to back the acquisition, banking sources told Reuters in late January.
Additional reporting by Freya Berry; Editing by Mark Potter