BasicNet, the Italian outerwear and sportswear group, sold roughly a 40 percent stake in Parisian outdoor-inspired lifestyle brand K-Way to private equity firm Permira.
Founded in 1965 in Paris by Leon Claude Duhamel, K-Way manufactures apparel, shoes and accessories for men, women and kids, including its iconic packable waterproof jacket, the “Claude,” with its distinctive colorful zip and logo inspired by the French national flag.
When the transaction is completed, the company stated that it would make a cash payment to K-Way’s owner, BasicNet. The payment is expected to be between roughly €180 and €190 million, of which €65 million will be in the form of a Vendor Loan. After the closing, expected in the first quarter of 2025, BasicNet will retain around a 60 percent stake in K-Way.
BasicNet said the sale value of the business is €505 million.
“I consider this moment as important as only two others have been before in the history of BasicNet: the acquisition of Maglificio Calzificio Torinese in 1994 and the listing on the stock exchange in 1999,” stated Marco Boglione, president and founder of the BasicNet Group. “We strongly desired this strategic operation, and we welcome Permira, one of the most prestigious and specialized investors in the world in our sector.”
“We welcome the Permira team as we enter a new phase of K-Way’s exciting growth journey. Over the past few years, we have made significant strides in expanding the brand. The partnership with Permira will strengthen the resources and experience needed to accelerate our development plans,” added Alessandro and Lorenzo Boglione, executive vice presidents of BasicNet and CEOs of K-Way.
Permira and K-Way reported it would focus on strengthening the brand’s leadership position in France and Italy, opening new stores, expanding its product range and expanding internationally. Permira’s notable investments in the sector include Golden Goose, Reformation, Gruppo Florence, Hugo Boss, Valentino, Dr. Martens, and Bestsecret.
“K-Way is a brand we greatly admire, and we are excited about the company’s future prospects and the opportunity to collaborate with Basicnet and the Boglione family,” said Francesco Pascalizi, partner and managing director of Permira Italia.
Sebastien Floch, principal and head of France at Permira, continued: “We are delighted to be working alongside the Boglione family and the K-Way team. We have followed the company for a long time, and we are convinced that K-Way perfectly reflects the characteristics that Permira looks for in its consumer investment strategy: an iconic brand and product, a strong history combined with a recognizable DNA, a transversal consumer base and a distinctive positioning. We look forward to supporting K-Way’s success story and its global expansion with our experience and resources.”
Image courtesy K-Way
