At the time of Lion Capital’s acquisition, AS Adventure was a leading specialty retailer of branded outdoor equipment and clothing with a network of stores in Belgium, Luxembourg, France, the UK and the Netherlands. AS Adventure offered outdoor enthusiasts specialty knowledge, quality products and personal service, delivering each customer a unique shopping experience. During the investment period, the company nearly doubled sales, increased EBITDA by almost 70%, expanded its retail footprint by over 60 stores and significantly grew digital sales. The investment was realized through a sale to PAI Partners.