Sep 01, 2021
Lexington Corporate Finance (“Lexington”) is pleased to announce that it has acted as the sole Corporate Finance Advisor to the shareholders of outdoor retail specialist, Trekitt, on its sale to a subsidiary of Fenix Outdoor International AG, headquartered in Switzerland and listed on the Stockholm Stock Exchange.
Trekitt was established by the Trepte family in Abergavenny in 1986. The business is run today by its shareholders Paul, Mark and Fiona Trepte, and Dave Cassidy.
Consisting of one store in Hereford and a fast-growing specialised eCommerce business, Trekitt provides equipment and clothing for mountaineers, hill walkers, climbers and travellers and has grown over the years to cater for a wide range of outdoor activities.
The business has been acquired by Frilufts Retail Europe (“Frilufts”) which consists of four retail chains operating within the outdoor retail segment: Globetrotter in Germany, Naturkompaniet in Sweden and Norway, Partioaitta in Finland and Friluftsland in Denmark.
Henrik Hoffman, chief executive of Frilufts, said “Trekitt holds large stocks of specialist clothing and equipment from the world’s best outdoor brands, backed up by their award-winning customer service. Trekitt is more than a shop, it is a service for adventure, and the team fully understands that to get the most from your passion you need the best kit that is fit for purpose and suits you personally.”
Lexington acted as the lead advisor to the shareholders of Trekitt on the sale and presented the eCommerce retail opportunity to a number of potential domestic and international acquirers, and Frilufts emerged as the preferred bidder. The Lexington team was led by Tom Coombes and John Tose, who together managed interactions with all the potential acquirers, negotiated terms and steered the process through to successful completion.
Tom Coombes said “It was hugely important to the shareholders and the business that its operational culture was maintained by any potential buyer, and we are delighted to achieve such a brilliant result for the shareholders. We are delighted for the Trepte family and Dave on the sale of the business, and truly believe that the platform put in place by the Trepte family will underpin the success of the business in the UK in the coming years.”
Paul Trepte, Managing Director of Trekitt “From start to finish Lexington has provided a hugely professional, supportive, and diligent service. They sourced an excellent buyer in Fenix Outdoor for our family business, reassuring all of the shareholders that our legacy is in good hands. Tom and John remained steadfast in their mission to meet all shareholder goals and established themselves as a solid rock in a rolling sea of emotion and complicated process.”
Alongside Lexington, Trekitt received legal advice from Geldards. Frilufts received legal advice from Brodies and financial due diligence was undertaken by EY.