Australia's Champ Private Equity has bought a majority stake in outdoor equipment chain Macpac Group Holdings for an undisclosed sum, reported to be about A$70 million for 90 per cent.
Sydney-based Champ signed the deal yesterday to buy "a significant majority stake" in Macpac, with several existing shareholders keeping minority interests, and the transaction is expected to be completed next month, it said in a statement. The private equity firm is using its Champ Ventures 7 Funds vehicle to acquire the retailer, which targets equity investments of between $20 million and $80 million.
The statement didn't provide financial details, although the Australian Financial Review reported Champ paid about A$70 million for 90 per cent, and that cornerstone shareholder and Kathmandu Holdings founder Jan Cameron will keep a small stake with her former husband and Kathmandu co-founder Bernie Wicht, and Macpac chief executive Alex Brandon.
"Champ Ventures is a great partner for Macpac - right from our very first meeting, we were impressed with their Australian retail experience, particularly with Lorna Jane," Macpac's Brandon said. "We very much look forward to working together on this next adventure and leveraging their vast experience to significantly enhance our commercial capabilities."
Cameron owned about 58 per cent of Macpac, having bought into the company for a reported A$20 million in 2011 after her non-compete clause with Kathmandu ended. The sale process kicked off earlier this year when Cameron indicated plans to sell her shares.
