Belgian outdoor chain AS Adventure has acquired its German competitor McTrek. The acquisition opens up the largest European outdoor market for the Belgians, thanks to McTrek’s 39 stores and web shop.
38 million euro
McTrek and AS Adventure share a foundation year, as both were founded in 1995. Entrepreneur Ulrich Dausien, who also helped launch outdoor brand Jack Wolfskin, was the founder of the McTrek chain that generated a 52 million euro turnover and a 4.7 million euro EBITDA last year. The goal is to grow turnover to 58 million euro this year. About a fifth of its turnover comes from its web shop, a lot more than the 12.4 % online sales AS Adventure generates.
According to German trade paper Mergermarket, AS Adventure paid 38 million euro for the acquisition. CEO Ulrich Dausien will stay on, but will also become an AS Adventure group shareholder, although investment fund PAI still controls more than 80 % of shares.
Expansion in France
The move towards Germany was an important step for AS Adventure, because it is Europe’s largest outdoor market, worth 2.5 billion euro. The company is currently active in seven countries: Belgium, France, Ireland, Luxembourg, the Netherlands and the United Kingdom. Adding McTrek, it will have a 565 million euro turnover and a store network of 256 stores.
The company will now shift its attention to France, where it already has two stores and where another is planned for the end of the year. CEO Frederic Hufkens thinks there is room for at least fifty stores in France.