一笔漂亮的退出：93亿卖始祖鸟股份

Core Viewpoint - FountainVest is seeking to sell half of its stake in Amer Sports for approximately $1.3 billion, marking a significant cash-out opportunity for the investor after a successful investment in the company [1][9]. Group 1: Company Background - Amer Sports, known as the "Rolls-Royce of sports goods," owns high-end brands such as Arc'teryx, Salomon, Wilson, and Atomic, and has gained popularity in China, being referred to as the "new social currency" alongside Lululemon [1][5]. - The company was originally founded in 1950 as a tobacco company and transitioned to the sports goods industry after acquiring a hockey equipment brand in 1974 [3][4]. - Amer Sports has undergone significant mergers and acquisitions, acquiring brands like Wilson and Atomic, and fully divested its tobacco business in 2004 [4][5]. Group 2: Financial Performance - In 2024, Amer Sports reported annual revenue of $5.183 billion, with Arc'teryx generating over $2 billion, making it a key asset for the company [5]. - The company experienced a compound annual growth rate of 20.4% from 2020 to 2022, following a strategic focus on core brands and divestitures of non-core assets [5][9]. - By 2025, Amer Sports reported a revenue of $1.473 billion in Q1, a 23% increase year-over-year, with net profit soaring over 25 times compared to the previous year [9]. Group 3: Investment and Market Activity - FountainVest's initial investment in Amer Sports was part of a consortium led by Anta Sports, which acquired the company for €4.6 billion in 2018, marking the largest outbound acquisition by Chinese capital that year [1][5]. - Following the IPO in 2024, Amer Sports' market capitalization reached $6.492 billion, and its stock price has significantly increased since its listing [5][9]. - FountainVest's recent decision to sell half of its stake not only allows for a profitable exit but also provides liquidity for further investments in the consumer sector, as the market for consumer goods is heating up [10][11].