Australia's Champ Private Equity has bought a majority stake in outdoor equipment chain Macpac Group Holdings for an undisclosed sum.
It is reported to be about AU$70 million (NZ$74.38M) for 90 percent of the firm.
Sydney-based Champ signed the deal yesterday to buy "a significant majority stake" in Macpac, with several existing shareholders keeping minority interests, and the transaction is expected to be completed next month, it said.
The private equity firm is using its Champ Ventures 7 Funds vehicle to acquire the retailer, which targets equity investments of between $20m-$80M.
The statement didn't provide financial details, although the Australian Financial Review reported Champ paid about AU$70M for 90 percent.
It said cornerstone shareholder and Kathmandu Holdings founder Jan Cameron will keep a small stake with her former husband and Kathmandu co-founder Bernie Wicht, and Macpac chief executive Alex Brandon.
"Champ Ventures is a great partner for Macpac," Mr Brandon said. "We very much look forward to working together on this next adventure and leveraging their vast experience to significantly enhance our commercial capabilities."
Ms Cameron owned about 58 percent of Macpac, having bought into the company for a reported AU$20M in 2011 after her non-compete clause with Kathmandu ended. The sale process kicked off earlier this year when Ms Cameron indicated plans to sell her shares.
Christchurch-based Macpac operates 43 retail stores, with 27 in New Zealand and 16 in Australia.