Arena Group, the Italian swimwear company, has been acquired by The Riverside Company, a private equity firm. Riverside bought Arena from Italian fund BS Private Equity using cash from Riverside Europe Fund IV. Arena's management invested alongside Riverside in the buyout.
Terms were not disclosed.
The purchase represented the buyout firm's first step into the Italian market and its fourteenth acquisition so far this year. Arena Group (Arena) had 2009 net sales of roughly 100 million euros ($140 million).
“We are very thankful to BS Private Equity for the strong support given to Arena in the development of the brand and the business,” said Cristiano Portas, Arena Group CEO. “We are also extremely confident towards the future, as we truly believe that Riverside will be an outstanding partner, able to support Arena in its further growth aiming at becoming the global leader in the waterwear sports market.”
“Arena is an attractive investment opportunity for Riverside thanks to its strong brand position, its image among top athletes and millions of water sport lovers all over the world, a very successful track record, and a huge growth potential,” said Tomasz Glowacki, Riverside Partner.
“We are extremely satisfied for the business and financial results achieved by Arena over the last four years,” said Alessandra Gavirati, Partner at BS Private Equity.
According to the statement, Arena products are distributed in over 100 countries worldwide, including those managed by the Descente Group based in Japan, the trademark owner for the Far East. Established by sports visionary Horst Dassler in 1973, Arena is well known for its focus and product innovation and technological skill, which are the key drivers for its competitive advantage and business growth.
Throughout its history, Arena has been a partner to legendary champions, such as Mark Spitz, Shane Gould, Matt Biondi, Alexander Popov, Franziska Van Almsick, Aaron Peirsol, Filippo Magnini, Laure Manadou, Laszlo Cseh, Paul Biedermann, Alain Bernard, Kirsty Coventry, Rebecca Soni and Cesar Cielo, to name just a few.
