BS Private Equity has acquired the Arena Group, a sports waterwear manufacturer, from Investitori Associati in a secondary buyout transaction. BS Private Equity has invested €17m in the deal. The business has an approximate enterprise value of €55m and had an approximate turnover of €80m in 2005.
Investitori Associati invested in the buyout of the business in December 2001 for an undisclosed sum. Return details on the transaction were not disclosed.
Cristiano Portas (Arena Group chairman and CEO) and some members of the management team invested alongside BS Private Equity. Banca Intesa as lead arranger and underwriter is providing debt.
The Arena Group was established in 1973 as a spin off from Adidas. In 2005 the worldwide brand sales (at retail selling price value) reached in excess of €350m.
BS Private Equity’s advisors on the transaction were: Davide D’Angelo and Davide Braghini from Allen & Overy, Milan with the support of Giancarlo Castorino and Stefano Cirielli from the banking department and Deloitte Financial Services and Studio Tributario e Societario for the accounting and fiscal due diligence, respectively. Andrea Arosio from Pedersoli & Associati advised Banca Intesa. And Investitori Associati was advised by Fineurop Soditic’s Eugenio Morpurgo. Carlo Pappalettera and Roberto De Bonis from Giliberti – Pappalettera – Triscornia and Associati were legal advisors.