Permira acquires 40 percent stake in outdoor lifestyle brand K-Way

Private equity firm Permira has acquired a significant minority stake in K-Way, the entire share capital of which is currently owned by BasicNet.

The company said in a release that while BasicNet will hold approximately 60 percent interest in K-Way, Permira through Permira Growth Opportunities II will become a shareholder with 40 percent stake.

The company added that the transaction values K-Way at 505 million euros and the anticipated cash payable to BasicNet would be between 180 and 190 million euros, of which 65 million euros being paid in the form of a vendor loan.

Commenting on the development, Marco Boglione, chairman and founder of BasicNet, said: "I consider this moment as crucial as only two others have been for BasicNet: the acquisition of Maglificio Calzificio Torinese in 1994 and the stock exchange listing in 1999."

"We welcome the Permira team on board as we embark on the next phase of K-Way's exciting growth journey. Permira's partnership will provide K-Way with the necessary resources, expertise and global network to accelerate its expansion plans and solidify its position as a leading player in the premium outerwear market," added Alessandro and Lorenzo Boglione, executive vice presidents of BasicNet and CEOs of K-Way.

Founded in 1965 in Paris, K-Way is an outdoor-inspired lifestyle brand known for its waterproof packable jacket, the ‘Claude’ having a distinctive colourful zip and logo inspired by the French flag. Renowned for its signature windbreakers, lifestyle fashion and sportswear products, K-Way has cultivated a loyal following.

In 2023, the company achieved consolidated revenues of 147.7 million euros and EBITDA of 44.7 million euros.

BasicNet was advised by Mediobanca as exclusive financial advisor, Pavesio e Associati – with Negri-Clementi as legal firm, and STS Deloitte on tax matters.