Permira Debt Managers (“PDM”), one of Europe’s leading specialist debt investors, has continued its strategy of partnering with successful, fast-growing businesses across Europe by announcing today that direct lending fund Permira Credit Solutions II (“PCS2”) is acting as sole lender in the financing of the acquisition of France-based sports equipment online retailer Private Sport Shop by Bridgepoint Development Capital.
Founded in 2011 and headquartered in Vendargues, France, Private Sport Shop is already one of the largest sports online platforms in Europe. The company provides a unique two-sided proposition as privileged partner for brands offering exclusive deals for its members. With 8 million members, it has an extensive, recurring and profitable customer base generating a strong lifetime value.
The Private Sport Shop business model is underpinned by strong fundamentals, benefitting from resilient sports goods markets, structural and growing share of excess inventories and increased penetration of e-commerce.
Roy Awad, Investment Director at PDM, commented: “Private Sports Shop is a successful online sports retail business that has a robust business model and a leading market position, with strong barriers to entry. We are delighted to back new owners Bridgepoint Development Capital and provide long-term financing to the company in order to ensure a successful next phase of growth. This transaction is consistent with our investment strategy based on partnering with high-quality European mid-market companies that are looking to grow and diversify their capital sources”
DLA Piper acted as legal advisor to Bridgepoint Development Capital while Jones Day provided legal advice to Permira Credit Solutions II in connection with the financing.
