Outdoors specialist Snow +Rock has been bought by its management, backed by private equity firm LGV capital, for an undisclosed sum.
The deal is the latest instance of keen interest in privately owned outdoor gear retailers and comes hard on the heels of the sale of Mountain Warehouse in a deal valuing it at £50m and the appointment of serial dealmaker John Lovering as chairman of Go Outdoors.
Management, led by managing director Dion Taylor, have put some of their own cash into the deal. As well as eponymous shops, Snow+Rock owns CycleSurgery and Runners Need.
LGV director Steven Philips said: “By combining three leading specialist outdoors retailers, we believe the business offers customers a compelling proposition.
“The business is uniquely positioned to take advantage of growth in its key markets, particularly cycling and running.”
Taylor said: “With the support of LGV we have developed a roll-out plan which will bring our brands to a wider audience, whilst staying true to our principles of providing premium retail environments along with unrivalled customer service and the best products available.”
Previous owner Andrew Brownsword will retain a “significant” investment in the group, which has 35 retail outlets and three websites.
Investec Growth & Acquisition Finance provided a combination of mezzanine and senior financing for the deal.