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Provectus Capital Partners invests in Keindl Sport

Provectus Capital Partners invests in Keindl Sport

Croatian private equity fund management company Provectus Capital Partners (Provectus) has made its first investments. In September 2021, Provectus has completed the first closing of EUR 56 million for the private equity fund Adriatic Structured Equity under their management. The target fund size is EUR 100 million.

Provectus has already completed its first investment in local sports equipment wholesaler and retailer Keindl Sport. Provectus will continue to develop Keindl Sport, organically and through acquisitions, in partnership with Mr Kristijan Keindl, the company's founder. Keindl Sport employs around 50 people, generating revenues of about HRK 100 million (EUR 13.2 million) per year. The company was established in 1998. Apart from Croatia, the company offers online sales to customers in Slovenia, Bosnia and Herzegovina, Serbia, Montenegro and North Macedonia.

“Keindl Sport is a highly attractive business that provides a unique offering in the sports equipment segment. The Company is strategically well-positioned for continued growth given the global trends in a healthy lifestyle. The use of electric bikes is increasing across Europe due to demonstrated benefits in areas of urban commuting and last-mile delivery logistics. We are proud to support the Company’s next chapter of further expansion,” stated Mr Igor Čičak, Managing Partner at Provectus.

“I am tremendously proud of the results the team at Keindl Sport achieved, particularly over the last 12 months, which saw sales growth unprecedented in the Company’s history. Provectus’s investment will accelerate the next phase of the Company’s development. With Provectus we have secured funds and know-how for regional expansion and acquisitions”, said Mr Kristijan Keindl, founder and CEO of Keindl Sport.

ASEF is supported by the European Investment Fund (EIF) and Croatian Bank for Reconstruction and Development (HBOR).

Provectus is a member of the Croatian Private Equity and Venture Capital Association (CVCA).

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