Well-known outdoor clothing and goods retailer Macpac is being taken over by Australian private equity firm Champ Ventures.
The 40-year-old company operates 43 stores in New Zealand and Australia, and also sells to more than 30 countries through its online business.
It has about 450 staff.
Photo: Macpac / Facebook
The deal, which is expected to be completed by the end of January, will see one of Champ Ventures' funds take what it called a significant majority stake in Macpac.
Several of Macpac's existing shareholders would retain small holdings.
No price for the acquisition had been disclosed, but the Australian Financial Review has said Champ had taken a 90 percent stake for around $74 million.
Champ had a lot of experience in the Australian retail sector, and the deal would significantly enhance Macpac's commercial capability, Macpac chief executive Alex Brandon said.
