FountainVest seeks $1.32 billion in Arc'teryx maker share sale
An Asian private equity firm is seeking to raise as much as $1.32 billion in a sale of about half its shares in Amer Sports Inc., as early investors in the maker of sporting goods including Arc'teryx clothing look to cash out.
Affiliates of FountainVest Partners are offering 35 million shares of Amer for $37.20 to $37.73 each, according to terms of the deal seen by Bloomberg News. The buyout firm was part of a consortium that acquired Amer for $5.2 billion in a deal completed in 2019.
Shares of Amer, which also makes Wilson tennis rackets and Salomon, fell 0.9% to $37.40 each in after-market trading on Wednesday. They have nearly tripled since the company's $1.6 billion initial public offering last year.
FountainVest had 69.1 million Amer shares, or 12.5% of the company, prior to the sale, according to Bloomberg calculations. The deal would reduce its stake to about 6.2%, the calculations show. The firm is bound by a lock-up agreement preventing further sales of Amer stock for 60 days, according to the terms.
The original consortium also included China's Anta Sports Products Ltd., billionaire Lululemon Athletica Inc. founder Chip Wilson and tech giant Tencent Holdings Ltd.
Goldman Sachs Group Inc. and Bank of America Corp. are leading the deal, an earlier statement shows. The share sale is expected to price later on Wednesday.
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