mynth
← DATABASE
05/2023

TRANSFORMATION CAPITAL takes majority stake in KUBUS SPORTS

NETHERLANDS Consumer Products / Sport REV 1m EUR - 100m EUR

Context

This growth equity transaction represents the entry of Transformation Capital as the majority institutional shareholder of Kubus Sports, partnering with long-standing CEO and co-owner Alex Cretier to transition the business from a regional brand aggregator into a scalable global house of premium sporting brands. The transaction is executed immediately following Kubus Sports' transformative acquisition of US-based watersports pioneer Naish earlier in 2026, an expansion that elevated the target's international profile but required sophisticated institutional backing to manage the resulting multi-jurisdictional integration and working capital requirements. Prior to this partnership, Kubus Sports successfully achieved a year-round operational model, yet reached a capital and operational ceiling where further expansion into the North American and Asia-Pacific markets required broader corporate infrastructure and scalable financing lines. Post-acquisition priorities will focus on finalizing the industrial and supply chain integration of the Naish brand, modernizing the group’s digital B2B procurement interfaces, extending the core product architectures into high-margin soft goods and accessories, and executing a targeted M&A playbook to consolidate complementary niche hardware sports brands under the unified Kubus distribution platform.

KUBUS SPORTS, which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Retail & Consumer sector (10.6x).

-> Deep-dive in Retail & Consumer market trends

Target

Kubus Sports operates as a vertically integrated brand manager, developer, and wholesale distributor of premium niche sporting goods and technical equipment, maintaining an all-season product portfolio across watersports, winter sports, field hockey, and padel. The company mitigates institutional seasonal demand volatility by balancing its product mix between summer disciplines (kiteboarding, windsurfing, wingsurfing, and foiling via proprietary brands like Naish, STX, and Prolimit) and winter or team sports (skiing, snowboarding, and hockey via brands like Brabo, Princess, Elan, and Nitro). Its capital-light financial architecture is driven by keeping core R&D, industrial design, and global brand positioning in-house, while outsourcing large-scale manufacturing to a diversified network of specialized third-party contract manufacturers, primarily located in high-efficiency Asian production hubs. Revenue generation is sustained through programmatic bulk B2B sales to international specialty retailers, multi-door sporting goods chains, and global e-commerce platforms, governed by strict seasonal pre-order cycles that lock in wholesale volumes months before shipping. Product velocity and market share are closely tied to technical product lifecycles and shifting consumer adoption curves in high-margin action sports, requiring high inventory turnover efficiency and tightly managed warehouse logistics within its centralized European fulfillment infrastructure.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2023
2022

Similar deals in Consumer Products

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
09/2023STYLE CAPITALSOEURFRANCEFashion & Apparel
06/2023ADVENT INTERNATIONALPARFUMS MARLY & INITIOFRANCEHygiene & Beauty Brands
05/2023SIPAREXSODIKARTFRANCECycling & Micromobility
04/2023KARMIJN KAPITAALNATURAL COSMETICS HOLLANDNETHERLANDSHygiene & Beauty Brands
02/2023Scandinavian Tobacco GroupAlec Bradley Cigar DistributorsUNITED STATESConsumer Products
10/2022MAPEDJURATOYSFRANCEConsumer Products
07/2022EMOSIA GROUPMY JOLIE CANDLEFRANCEHome & DIY
06/2022BC PARTNERSHAVEAFRANCEHygiene & Beauty Brands
04/2022NEXT PLC / DAVIDSON KEMPNER CAPITAL MANAGEMENTJOJO MAMAN BEBEUNITED KINGDOMFashion & Apparel
03/2022QUILVEST CAPITAL PARTNERSLES SECRETS DE LOLYFRANCEHygiene & Beauty Brands

REFERENCES

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of KUBUS SPORTS by TRANSFORMATION CAPITAL are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: kubus sports

Acquirer: transformation capital