Swiss private equity firm Capvis has closed a deal for swimwear company Arena.
Arena, headquartered in Tolentino, Italy, is known for making swimwear for Olympians as well as recreational swimmers. Terms of the deal were not disclosed. The company was started by the son of the founder of Adidas, Horst Dassler, in 1973.
Capvis has about $1.8 billion in assets under management. The firm closed a fund with about $989 million in committed capital in January.
Arena was sold by Cleveland and New York-based PE firm the Riverside Co., which acquired the brand in 2010. During Riverside's ownership, the company developed an online presence and an e-commerce platform.
Allen and Overy, Lincoln International and KPMG advised Riverside on the sale.