The AS Adventure Group has acquired Snow+Rock, the British chain of outdoor, ski, running and cycling stores, from LGV Capital, which had bought it five years ago. AS Adventure, which was recently sold by Lion Capital to PAI Partners, owns the Cotswold Outdoor chain in the U.K., in addition to others in Belgium, the Netherlands and France.
Together, Cotswold and Snow+Rock will generate annual sales of around £210 million (€288.7m-$322.5m), making the group the biggest player in the British outdoor market, ahead of JD Sports Fashion's sales of £170 million (€233.7m-$261.0m) in the past year.
Hans Falkenburg, chief executive of Cotswold, will also run Snow+Rock. Richard Cotter, the former top executive of Berghaus who has been the CEO of Snow+Rock in the past couple of years, has stepped down. He will continue to be involved for a couple of months in an advisory role to ensure a smooth transition.
Through the latest takeover, AS Adventure will also consolidate its leadership in the European outdoor specialty market with a turnover of around €550 million. More in The Outdoor Industry Compass, where we reported a few months ago about Snow+Rock's new tri-brand store format and the strategies being put in place to double its turnover to around £150 million (€190m-$230m) in five years' time.
