AS Adventure - Commercial Due Diligencee


About the brand

AS Adventure is a Belgian outdoor retailer. The group also includes Cotswold Outdoors in the UK and Bever Zwerfsport in the Netherlands. The business operates c.150 stores and turned over €360m in 2015.

A.S Adventure Store.jpg

The Challenge/Task

Pragma was commissioned by PAI Partners to conduct commercial due diligence on the acquisition of the A.S. Adventure Group, comprised of A.S. Adventure (Belux), Bever (The Netherlands) and Cotswold Outdoor (UK).


  • Analysis of the dynamics of the outdoor markets and the competitive landscapes in which A.S. Adventure and its other group fascias operate. Key areas of focus included market growth and evolution, key trends, key competitors and changing consumer behaviour

  • A programme of consumer research to better understand the consumer and customer in each market in which A.S. Adventure operates and to test key hypotheses concerning the outlook for the Group

  • Trading data analysis covering all elements of the retail portfolio, including analysis by location, store type and vintage, and the e-commerce channel

  • Assessment of the feasibility of each aspect of the business plan and potential for further domestic and international growth for each business

The Result

Based on Pragma’s findings and conclusions, PAI Partners acquired the business in January 2015. Pragma’s recommendations also contributed to the eventual acquisition of Snow & Rock by A.S. Adventure in June 2015.