Middle-market private equity firm TPG Growth and QRG Enterprises Ltd. have made a minority investment in Campus Activewear, a sports and footwear brand. Financial terms of the deal were not disclosed.

Established in 1983, Campus Activewear is provides clothing materials for the organized sports and casual footwear sector. The target’s products are sold primarily using two brand names: Action and Campus. Campus Activewear distributes its gear via a network of more than 15,000 multi-brand retail stores, outlets and e-commerce portals. With a clear vision on innovation, Campus launches more than 200 new designs each year, and currently offers more than 800 product designs across the casual, sport, school, and sandal shoe categories.

“Driven by an increased attention to health and wellness and growing preferences for casual, multi-use shoes, India’s sports and footwear market is growing quickly,” states Puneet Bhatia, partner at TPG.

TPG Growth is the middle-market and growth equity arm of private investment firm TPG. San Francisco-based TPG Growth has more than $8.3 billion in assets under management. The firm is also backed by the resources of TPG’s nearly $72 billion in assets under management. The firm recently acquired travel nurse provider Medical Solutions LLC in May 2017, backed software distributor C3 lot, and previously raised a $3 billion middle-market fund.

Incorporated in 1991, QRG operates as a holding company based in Noida, India. Through its subsidiaries, QRG backs start-up ventures, manufactures electrical products, and operates hospitals. The company previously operated under the Havells Group brand.

Despite shifting consumer habits from brick and mortar stores to e-commerce, acquisitions involving footwear and fashion accessories have continued. Related shoe deals include: The Aldo Group Inc.’s buying of Camuto Group; Steve Madden’s acquisition of Schwartz and Benjamin Inc.; CCMP Capital Advisors LLC’s purchase of slip-resistant shoe maker Shoes for Crews; DSW Inc.’s (NYSE: DSW) deal for Ebuys Inc. to expand online and into international markets.; Coach Inc.’s (NYSE: COH) completed acquisition of Stuart Weitzman for nearly $574 million; Berkshire Partners’, along with New Balance Athletic Shoe Inc., acquiring the Rockport Co. from the Adidas Group (ETR: ADS) for $280 million; and Toronto-based private equity firm Lynx Equity’s purchase of North American Shoe Co.

Campus Activewear

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