We’re pleased to have secured a future for European paintball business G.I Sportz Europe Ltd by achieving a sale of the assets of the business out of administration. The sale, which also protects the jobs of the entire workforce of the company, will see global paintball business Kore Outdoor rescue the business as a going concern.
Chris Stevens and Ian Vickers, Partners in our Restructuring Advisory team, were appointed as Joint Administrators to G.I. Sportz Europe Ltd earlier this month. On appointment, our team, led by Restructuring Advisory Director Steve Baluchi, immediately completed the sale to Kore Outdoor, ensuring that the business can continue to trade.
G.I. Sportz is a distributor of paintballs and paintball related products in the European market. Incorporated in 2015, it came under Canadian ownership in 2017 and forms part of a global group which, since the beginning of 2020, has been undergoing a restructuring.
Kore Outdoor, which is headquartered in Canada, is recognised as a global leader in the manufacturing of high-quality paintball products which are marketed to individuals at all levels of play, from entry level to competitive play market segments.
“This acquisition allows us to consolidate ownership of our European business,” said Billy Ceranski, CEO of Kore Outdoor. “As we continue to emerge from the global pandemic, we expect to see a strengthening of our business across this very important market. Today’s transaction will allow us to continue serving the European market from our base in the U.K.”
Chris Stevens, Joint Administrator, commented: “G.I Sportz Europe is a leading business in the paintball market, but had been hit by the effects of the pandemic, resulting in the business entering into administration. We’re delighted to have been able to secure a sale of the assets of the business that will protect all jobs and allow the business to continue. Kore Outdoor bring enormous expertise and we look forward to seeing the business continue to grow under their ownership”.
We were advised by Rebecca Walker and Nick Keitley of law firm Lester Aldridge. Marc Trottier and Phil de Vries of Bryan Cave Leighton Paisner are leading the team which is advising Kore Outdoor.