CHAMP Ventures to buy New Zealand's Macpac

The size of the transaction was not disclosed, but it the Sydney Morning Herald reported it as being A$70 million ($51 million). Current owners Jan Cameron and Bernie Wicht, who previously founded local retailer Kathmandu, will retain a minority interest alongside CEO Alex Brandon.

Founded in 1973, Macpac moved from a wholesale to a retail model seven years ago and now has 43 stores - 27 in New Zealand and 16 in Australia - and more than 450 staff. It produces high quality, authentic technical outdoor apparel and equipment, shipping goods to over 30 countries through its online store and to distributors in Europe and Japan.

The company is the third-largest participant in the Australia and New Zealand outdoor apparel market after Kathmandu and Super Retail Group. Cameron and Wicht bought a majority stake in the business in 2011 following the conclusion of a non-compete agreement with Kathmandu. Quadrant Private Equity and Goldman Sachs JB Were bought Kathmandu in 2006 and took it public three years later.

Macpac's management is said to have met with 17 prospective PE buyers, but Brandon said they were particularly impressed with the work CHAMP did with Lorna Jane, an Australian wholesaler and retailer of women’s fitness and leisure apparel. The PE firm bought the business in 2010 and has since seen substantial domestic and international growth.

"Macpac is a truly authentic brand – its long heritage, sponsorship relationship with the New Zealand Alpine Team, and ongoing commitment to R&D and product design was what captured our attention, Paul Readdy, a director at CHAMP, said in a statement.

The deal is expected to close at the end of January. KPMG and Bell Gully advised. Macpac, while Simpson Grierson worked with CHAMP.

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• Topics
• Consumer
• Australasia
• Buyouts
• Consumer
• New Zealand
• Australia
• buyout
• CHAMP Ventures