Japan sportswear firm buys PE-backed UK brand

London-based GP Livingbridge invested GBP13.5 million ($20.9 million) in company in 2013, via its GBP238.5 million Isis IV fund, according to AVCJ's sister publication unquote". This was two years after it made an initial investment of GBP8.5 million.

Set up in 2003, County Durham-headquartered Inov-8 is a sportswear brand focusing on footwear and clothing worn by running racers and mountain runners. Since Livingbridge first invested, the company has expanded into several new markets and added clothing to its existing footwear offering. Today it distributes its products via a network of retailers across almost 70 countries in all continents.

Inov-8 most recently posted GBP17.4 million in revenues, three-quarters of which came from overseas. According to the business, the figure is the result of a 60.52% year-on-year sales boost throughout the last three years.

Osaka-headquartered Descente - which has been the distributor for Inov-8 shoes in Japan, Korea and Hong Kong since 2013 - sees its acquisition as a means to expand internationally.

"Through this significant acquisition, I believe we can give full play to the strengths of both Descente and Inov-8 - helping Inov-8 to further develop and expand its global operations, and in doing so, ensuring the future growth of the Group's overall shoe business, which is a key objective of current management planning," said Masatoshi Ishimoto, president of Descante Group, in a statement.

Livingbridge was set up in 1995 and has invested in over 100 companies to date. The firm rebranded from its original name - Isis Private Equity - last year to avoid associations with the terrorist group The Islamic State in Iraq and Syria (Isis).

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• Topics
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