A.S. Adventure sold to French private equity firm PAI

French private equity firm PAI has purchased the outdoor outfitter A.S. Adventure for an estimated €400 million, reports De Tijd. Last week it was revealed that PAI was preparing for the buy-out, and on Tuesday the deal went through, although the exact amount has yet to be disclosed.

A.S. Adventure was previously jointly owned by private equity rival Lion Capital (85%), founder Emile Lathouwers (10%) and the management board (5%). The chain has more than 40 stores in Belgium, the Netherlands, Luxembourg, in addition to more than 100 stores under various brand names in France, Germany and the United Kingdom.

With a record turnover of €360 million in 2013, A.S. Adventure’s addition to the PAI portfolio confirms the French firm’s position as one of the largest private equity players in Europe. It also partly owns the lingerie chain Hunkemöller, the French producer of foie gras Labeyrie and the ground and cargo handling company Swissport.