Belgian newspapers have reported that A.S. Adventure was holding advanced talks with PAI, an international private equity firm based in Paris, for the takeover of the Belgian-based outdoor retail company. The A.S. Adventure group encompasses the eponymous Belgian outdoor retailer as well as Bever in the Netherlands and Cotswold Outdoor in the U.K. The company is currently owned at 85 percent by Lion Capital, with another 10 percent in the hands of A.S. Adventure's founder and former chief executive, Emiel Lathouwers, and the remaining 5 percent owned by managers. PAI's portfolio includes investments in a lingerie retailer, Hunkemöller, and a big Italian eyewear maker, Marcolin. Lion Capital was considering floating A.S. Adventure on the stock exchange as an alternative. Neither party returned calls for comments. A.S. Adventure is the largest outdoor retailer in Europe, with sales of €360 million before VAT and Ebitda of €41 million in 2013. It remains ahead of Frilufts AB, the retail company formed last year and owned by a majority by Fenix Outdoor International, regrouping Naturkompaniet in Sweden, Partioaitta in Finland and Globetrotter in Germany.

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