Jan Cameron, the reclusive founder of the Kathmandu outdoor clothing chain, has sold her remaining 49 per cent stake in the company - a move which sees her cashed up to the tune of $275 million.
Cameron sold a 51 per cent stake in the company to a private equity
group in April.
That group - which consists of Goldman Sachs JBWere and Quadrant Private Equity - announced yesterday that it had bought the remaining stake, but did not reveal the final price.
It is understood that the original leveraged buyout in April valued the company at $275 million, which - give or take any haggling over revaluation in the past six months - is what she walks away with.
The outdoor apparel and equipment retailer was founded by Cameron in 1987. It now has 46 stores - 20 in New Zealand, 22 in Australia and four in Britain.
Yesterday's statement by Goldman Sachs said simply that Christchurch-based Cameron "had decided to pursue personal interests outside the business".
Clark Perkins, Goldman Sachs JBWere managing director of merchant banking, said he was delighted the opportunity had arisen to acquire the remaining shares.
The business had been experiencing strong growth since April and was progressing ahead of expectations. There were plans to open up to 15 more stores - mostly in Australia - within the next year, he said.
The initial Goldman stake was originally acquired by its New Zealand-based Hauraki Private Equity No 2 Fund. That fund has now been wound up and the stake is held by Goldman Sachs JBWere.
It is likely it will be folded into a new fund in the near future, although it has not been decided if that will be a New Zealand, Australian or Australasian fund.
Quadrant is an Australian equity fund.
