Insider Media Limited

Equip Outdoor Technologies has secured £20m of funding to support its purchase of the Lowe Alpine clothing and rucksack brand. The Alfreton-based company received the cash injection from Santander and Matrix Private Equity Partners.

Equip, which was founded about 30 years ago, supplies the outdoor clothing and accessory brands Rab, Outdoordesigns and Pod Sack.

Its Rab brand has grown internationally in the past few years and has developed "significant export markets" in Europe, the Far East and North America, said the company.

Equip secured a £4.5m investment from private equity firm Matrix as part of a wider funding deal needed to make the acquisition. Matrix confirmed it will now take a minority stake in the company.

The purchase of Kendal-based Lowe Alpine has meant a return to British ownership for the brand. The company was sold to an Italian parent company in 2003 which subsequently suffered financial difficulties and entered administration in 2010.

Equip acquired Lowe Alpine from the Italian administrator.

Equip's chief executive Matt Gowar and managing director Chris Harding saod they intend to redevelop Lowe Alpine’s clothing range and further expand the range of rucksacks.

The combined group employs more than 90 people and is forecast to have annual revenues of almost £30m in 2012.

The deal was led by Ashley Broomberg of Matrix, who said: "From our first meeting with Matt Gowar we recognised that this was a very high quality business and a leading entrepreneurial talent.

"The development of the Rab brand is a great, export driven British success story coming out of the East Midlands."

Equip was advised by Simon Bursell and Chris Beardsley of Dains and Mark Rutherford of Gateley.

Matrix was advised by Heidi Hendon of Harvey Ingram, Julian Clough of RSM Tenon and Patrick Woodall of Pragma Consulting.