Lion Capital buys Adventure Group for US$382m

Lion Capital expands retail portfolio with acquisition of AS Adventure Group for €263m (US$382m).

“The business has tremendous potential for further growth, both within its current store portfolio and through further penetration of its core markets through new store openings,” explained Robert Darwent, founding partner of Lion Capital.

Net sales of the retailer have grown to €205m this year since it was founded in 1995. In Belgium the company operates under the AS Adventure brand name, Cotswold Outdoor in the UK and Beyer Zwerfsport in the Netherlands. It operates 85 stores across the three countries.

“Lion was our preferred investment partner as a result of their breadth of experience in investing in specialty retailing formats such as Jimmy Choo and La Senza,” said Emiel Lathouwers, chief executive and Founder of AS Adventure.

Lion Capital was advised by SJ Berwin and PricewaterhouseCoopers. Financing is being provided by Lloyd’s TSB.

Lion Capital specialises in investing in consumer businesses.