From Bikes to Running Gear: Benelux and DACH Sports Retail Attracts Wave of Strategic and Private Equity Deals

Benelux and DACH Sports Retail See Flurry of Deals Amid Fitness Boom

• The Benelux and DACH regions have seen a surge in sporting retail deals over the past 2–3 years, driven by post-pandemic shifts in fitness and outdoor activity.
• Private equity firms and global strategics are actively acquiring or restructuring brands across segments like cycling, running, outdoor gear, and fitness.
• In the Netherlands, Rise Point Capital’s acquisition of Run2Day reflects growing investor focus on niche, experience-driven retail models.
• Major transactions include KKR’s €1.56 billion takeover of bike giant Accell Group and Decathlon’s acquisition of German outdoor e-retailer Bergfreunde.
• Cross-border deals and digital transformation are reshaping the industry, as consumer demand for health, mobility, and hybrid retail experiences remains strong.

(NEWS) BRUSSELS / AMSTERDAM / BERLIN, 4-Nov-2025 — /EuropaWire/ — In recent years, the sporting goods retail sector in the Benelux and DACH regions has witnessed a wave of mergers, acquisitions, and investments. From niche running stores in the Netherlands to major outdoor brands in Germany, deal-making has accelerated as companies and investors capitalize on a post-pandemic surge in cycling, fitness, and outdoor activities. The latest example came this month in the Netherlands, where private equity firm Rise Point Capital acquired Run2Day – a 30-year-old running specialty retailer with 16 stores – to fuel its next phase of growth under new CEO Robbert Cornelissen. This is one of many such transactions signaling a broader consolidation trend in the sports retail industry across Northern Europe.

Dutch Sporting Retail: From Running Shops to Bicycle Giants

The Netherlands has led the trend with high-profile deals spanning different corners of sports retail. In addition to the Run2Day buyout, a landmark transaction in the Dutch bicycle market underscored investor enthusiasm for the cycling boom. In early 2022, a consortium led by KKR agreed to take over Accell Group – the maker of bike brands like Sparta, Batavus and Raleigh – in a deal valuing the firm at €1.56 billion. The takeover came on the heels of extraordinary growth in cycling; Accell’s sales jumped 17% in 2020 as the bike industry became “one of the winners” of the pandemic, driven by strong e-bike demand as an alternative to public transport. Even Dutch strategic buyers have been active globally: Pon Holdings, for instance, acquired the bike division of Canada’s Dorel Industries (owner of Cannondale and Schwinn) for $810 million in late 2021, reflecting the appetite of Dutch companies to expand their sporting goods portfolios. The fitness and active lifestyle boom in the Netherlands has not been limited to bikes. Major gym operator Basic-Fit rapidly expanded its footprint (albeit organically), while sporting goods retailers have drawn interest for their robust post-pandemic sales. Industry analysts note that athletic gear and footwear have been flying off the shelves, as COVID-era gym closures pushed more people to take up running and home workouts. This broader context helps explain why investors like Rise Point are backing specialty retailers (like Run2Day) known for catering to passionate consumer niches. By focusing on customer experience and community engagement, such niche chains have proven resilient and attractive for growth-oriented investment.

Belgium’s Outdoor Retail Restructures

Belgium’s sports retail scene has seen fewer headline acquisitions, but significant restructuring has taken place in the outdoor segment. A.S. Adventure Group – operator of Belgium’s A.S. Adventure and Netherlands’ Bever outdoor stores – underwent a major financial overhaul in 2021 amid pandemic pressures. Its holding company rebranded to “Yonderland” as €85 million in debt was waived and a consortium of banks took a 45% equity stake (with private equity owner PAI Partners and management retaining 55%). The restructuring came with a €25 million capital injection to stabilize the business, which was heavily leveraged from a prior buyout. Despite the challenges, the group’s leadership noted that the pandemic actually boosted interest in outdoor pursuits – “enticing even more people to discover the outdoors” – and signaled plans to expand again by opening new stores and growing e-commerce. In effect, Belgium’s biggest outdoor retailer used fresh investment to position itself for the post-lockdown outdoor boom, ensuring its chains would remain at the heart of a fast-growing market. Beyond A.S. Adventure’s saga, fewer large deals have been recorded in Belgium or Luxembourg in the past two years. However, international players continue to influence these markets. French sporting goods giant Decathlon, for example, has steadily grown its Benelux presence (though mostly via new store openings), and UK-based JD Sports has operated chains like Perry Sport in the Netherlands – until facing setbacks. (JD’s Dutch subsidiary was declared bankrupt in late 2023 amid fierce competition.) These developments underscore that even without frequent M&A in Belgium/Luxembourg, the region’s sports retail landscape is being reshaped by global companies and investor-driven reorganizations.

German Market Shake-ups and Cross-Border Deals

In the DACH region (Germany, Austria, Switzerland), the sporting goods sector has experienced dramatic shake-ups and cross-border acquisitions. Germany, Europe’s largest sports market, has been a focal point. One prominent case is the fate of SportScheck, a Munich-based sporting goods chain. SportScheck (with 34 stores and roughly €350 million in annual sales) was sold by Germany’s Otto Group to Austria’s Signa Retail in 2020. Signa, owned by investor René Benko, folded SportScheck into its retail empire – but by 2023 the business hit trouble. In October 2023, Britain’s Frasers Group (owner of Sports Direct) announced a deal to acquire SportScheck to expand its presence in Germany. However, before the sale could close, SportScheck and its parent Signa Sports Holding filed for insolvency in November 2023. Frasers pulled out of the deal due to the bankruptcy, though it expressed continued interest in buying SportScheck’s assets out of administration. Ultimately, Italy’s Cisalfa Sport stepped in – German regulators in early 2024 cleared Cisalfa’s bid to take over SportScheck’s business and revive the chain under new ownership. The turmoil surrounding SportScheck highlights both the consolidation push and the post-pandemic stresses in Germany’s sports retail sector. E-commerce and outdoor specialty retail have also been hot spots for deal-making in DACH. In January 2024, Decathlon completed the acquisition of Bergfreunde, a German online retailer specializing in mountain sports and outdoor gear. Touted as a strategic move, the purchase gives Decathlon a strong digital platform to reach premium outdoor enthusiasts across Europe, since Bergfreunde (with €242 million in 2022 revenue) serves twelve countries online. Another major transaction hit Germany’s outdoor industry in 2025: Chinese sportswear giant Anta Sports agreed to buy Jack Wolfskin, the famed German outdoor apparel brand, for roughly $290 million. Jack Wolfskin’s sale (from its American owner Callaway Brands to Anta) underscores global interest in German sports brands – Anta sees the acquisition as a springboard to broaden its outdoor product range and gain a stronger foothold in Europe’s outdoor apparel market. Meanwhile, the region’s sports e-commerce segment went through its own consolidation wave. Berlin-based Signa Sports United – which operates numerous online shops for cycling, tennis, and outdoor equipment – merged with a U.S. SPAC and listed on the NYSE in late 2021, at a valuation of about $3.2 billion. As part of that deal, Signa Sports United acquired Britain’s Wiggle Chain Reaction Cycles, one of the world’s largest online bike retailers. That acquisition made Signa Sports a dominant online player, roughly four times larger than its next competitor in the bike gear sector. However, the timing was challenging: after the initial pandemic boom, online bike retailers faced a slowdown and inventory glut. By 2023, Signa Sports United itself was struggling financially (its stock price plummeted) and the UK-based Wiggle unit even entered administration. Still, the earlier frenzy of activity – including Bike24, a German online cycling retailer, going public on the Frankfurt exchange in 2021 – reflects how investors rushed to capitalize on the surge in demand for sporting goods online.

Finally, Switzerland has had its own marquee success in this sector: On Holding, the Zurich-based maker of performance running shoes (backed by tennis legend Roger Federer), launched an IPO in September 2021 with a valuation above $6 billion. On’s blockbuster New York listing came as demand for running gear was at a peak; the company noted that running shoes were selling briskly as consumers sought outdoor exercise options during COVID lockdowns. The brand’s rapid ascent – from startup to a $7 billion-valued global player – exemplifies the strong investor appetite for sports and fitness companies emerging from the DACH region.

What’s Driving the Deal Trend?

Several factors have fueled this flurry of deal activity in sports retail across Benelux and DACH. Pandemic-fueled consumer behavior is a primary catalyst. With gyms closed and travel restricted, millions of Europeans turned to biking, running, hiking and home fitness during 2020–2021. This led to a spike in demand for sporting goods – “athletic gear, especially shoes, [was] flying off the shelves” as people sought to keep fit and enjoy the outdoors. Bike makers and outdoor outfitters saw record sales (Accell’s revenues jumped by double digits in 2020), creating attractive conditions for investors. Private equity firms and other financiers recognized that the sports and outdoor sector was one of the pandemic’s big winners, and they moved quickly to invest in or consolidate companies with strong market positions. For example, KKR’s team noted the deal would help Accell “build on [its] leading position in the European e-bike market” amid a cycling craze. Similarly, Rise Point’s investment in Run2Day aligns with a strategy of backing niche market leaders poised to ride the running boom. Strategic expansion and consolidation ambitions also play a significant role. Large industry players are using M&A to fill gaps in their portfolio or accelerate growth in new segments. Decathlon’s purchase of Bergfreunde is aimed at capturing higher-end outdoor customers via a strong online platform, complementing Decathlon’s own mass-market stores. Anta’s acquisition of Jack Wolfskin gives it a ready-made premium outdoor brand in Europe, fitting into Anta’s global expansion plans. Likewise, Frasers Group’s attempted entry into Germany through SportScheck, and Signa Sports United’s earlier grab of WiggleCRC, illustrate a drive to gain scale and international reach. In many cases these deals bring cross-border synergies – whether it’s a French company buying in Germany, a Chinese firm investing in a German brand, or a Dutch investor expanding into global markets – signaling confidence in the long-term value of Europe’s sports retail sector.

Another driver is the ongoing digital transformation of retail. The pandemic accelerated e-commerce adoption for sporting goods, prompting traditional retailers to bolster their online capabilities (sometimes via acquisitions of e-commerce specialists). The wave of online-focused deals – from Signa’s platform roll-up to Decathlon’s online retailer buy – underscores that companies see omnichannel strength as key to future competitiveness. Private investors also favor businesses that successfully blend brick-and-mortar community engagement with digital growth (as Run2Day intends to do by “accelerating digitalization” alongside store expansion).

Finally, consumer health and wellness trends underpin the sector’s attractiveness. Even as life normalizes, Europeans are continuing habits of outdoor exercise, cycling to work, and at-home fitness. The CFO of Yonderland (A.S. Adventure) noted in 2021 that the “pandemic has enticed even more people to discover the outdoors,” a momentum the company plans to build on with new stores and online offerings. This sustained demand provides a favorable backdrop for mergers and investments – and also necessitates consolidation to achieve efficiencies and meet evolving customer expectations (for example, offering a wider product range or specialized expertise).

When looking over the past 2–3 years we are seeing an unprecedented level of deal activity in the sporting retail arena across the Netherlands, Belgium, Germany, and neighboring markets. A combination of pandemic-era behavioral shifts and strategic growth plans has led to everything from private equity buyouts of local chains to international takeovers of storied outdoor brands. While not every deal has gone smoothly – some ambitious bets have encountered post-pandemic corrections and insolvencies – the overall trend reflects a belief that sports and outdoor recreation is a robust growth sector in Europe. Industry experts foresee continued consolidation as companies seek to scale up and investors remain “committed to further developing” the region’s sports markets. For consumers, this could mean more integrated omnichannel experiences and a broader selection of products, as both global and local players vie to serve the booming ranks of cyclists, runners, hikers and fitness enthusiasts across Benelux and DACH.