CPE, an alternative asset manager headquartered in Beijing, has acquired the Swiss outdoor brand Mammut Sports Group AG from European private equity firm Jacobs Capital, marking another major bet on the booming outdoor sector in the Chinese market.

Financial terms of the deal were not disclosed and the transaction remains subject to customary regulatory approvals. The deal is expected to close in the coming months.

Founded in a Swiss village in 1862, Mammut is best known for its mountaineering apparel and climbing equipment.

The company entered the mainland Chinese market in 2013 and now operates 61 physical stores.

The acquisition follows reports earlier this year that Jacobs Capital was exploring a sale of Mammut at a valuation exceeding 500 million euros. Anta, which turned Salomon and Arc’teryx into its cash cows in China, was said to have engaged in preliminary discussions, according to local media reports.

Jacobs Capital acquired Mammut in 2021 and said the business has undergone a significant transformation during its ownership. Annual sales have increased substantially, operating margins have doubled and markets outside Europe now account for more than half of the company’s revenue, according to the firm.

“We are immensely proud of the transformation Mammut has achieved over the past five years,” said Philippe Jacobs, co-chairman and founder of Jacobs Capital. “Mammut is stronger than ever, and we believe CPE is the ideal partner to support the brand’s continued international growth while respecting its unique Swiss DNA.”

Mark Mao, managing director of CPE, said: “CPE is fully committed to preserving and building upon the brand equity, technical excellence and authentic heritage that have made Mammut one of the world’s most respected outdoor brands, while supporting its continued global expansion.”

High-end outdoor brands have been booming in China as the middle class becomes more health-conscious and incorporates outdoor aesthetics into their casual and office, wardrobes.

Mammut, alongside competitors Arc’teryx and Klättermusen, is regarded as part of “the holy trinity of outdoor brands” in China.

For CPE, Mammut adds to its growing portfolio of successful consumer brands, which includes Pop Mart, Laopu Gold and Mixue Ice Cream & Tea. Earlier this year, CPE also acquired a controlling stake in Burger King China. The firm established a London office earlier this year to seek out M&A targets.