No buyer
It is unclear whether the IPO will be in Brussels, as its holding has a main office in the Netherlands despite being a Belgian company by nature. With a 360 million turnover and 41 million euro EBITDA, the chain’s valuation would be some 100 million euro.
Lion Capital currently owns 85 % of AS Adventure’s shares, while its founder (and former CEO) Emiel Lathouwers owns 10 % and the board owns the remaining 5 %. The chain is also active in the Dutch market, under its Bever brand name, and in the British market under its Cotswold Outdoor brand name.
