Lion Capital has agreed to sell its majority stake in the A.S. Adventure Group to PAI Partners, a French-based private equity firm. The leading European outdoor retail group, which comprises A.S. Adventure in Belgium as well as Cotswold Outdoor in the U.K. and Bever in the Netherlands, achieved a turnover of about €383 million in 2014, up by 6.7 percent, while its Ebitda remained nearly flat at €41 million. PAI agreed to buy the stake of about 85 percent held since 2007 by Lion Capital, as well as the 10 percent that were still in the hands of Emiel Lathouwers, the founder of A.S. Adventure. The remaining share of about 5 percent is owned by A.S. Adventure's management, led by its chief executive, Frederic Hufkens. The two main parties in the transaction declined to provide details on the deal but Reuters suggested that it valued the group at about €400 million. The buyer is meant to support continued store openings for the retailer in its current markets and perhaps more rapid expansion in France. More in the Outdoor Industry Compass.

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