DIVING IN: Swiss private equity firm Capvis has inked a deal to buy performance swimwear brand Arena. The transaction was between Capvis and private equity fund Riverside, which bought Arena in 2010 and currently holds a 95 percent stake, along with Arena president and chief executive officer Cristiano Portas, owner of 5 percent of the label. The value of the deal was not disclosed.
This story first appeared in the December 30, 2013 issue of WWD. Subscribe Today.
“As a global champion in its niche, Arena perfectly fits the Capvis investment strategy,” said Capvis partner Andreas Simon. “Propelled by innovation and uncompromising commitment to the sport of swimming and the brand visibility powering its surge worldwide, Arena is uniquely positioned in one of the most popular sports categories. Arena’s brand equity, validated from premier teams and organizations, offers significant value creation potential.”
“We are enthusiastic about our new shareholder Capvis, who has the same vision for our brand and who shares our passion and determination for working hard to achieve great things,” Portas said. “We welcome Capvis as our new partner, and look forward to working together on becoming the market leader for competitive swimwear and promoting aquatic sports globally.”
In 2012, Arena, which sells its collections in 106 countries worldwide, posted revenues of 88.6 million euros, or about $117 million at average exchange.