The story
Origins
The Lathouwers family opened a hardware shop in Hoboken in 1937 and later a second shop in Borgerhout. In 1958 the family took over a shop at the Vogelmarkt in Antwerp that sold surplus equipment of the United States Army from the Second World War, and it later ran five such army-surplus stores in and around the city; the initials "A.S." refer to these Amerikaanse Stockhuizen ("American surplus stores"). In the 1970s and 1980s the surplus-store format came under pressure from the growth of large DIY stores.
Founding and expansion
In 1995 Emiel Lathouwers opened the first A.S.Adventure store in Schoten, dedicated to outdoor activities.
In 1998 the investment company Mitiska acquired a stake in the business. In 2000 the company acquired the British outdoor retailer Cotswold Outdoor, followed in 2007 by the Dutch chain Bever Zwerfsport. Also in 2007, Mitiska and Lathouwers sold the business to the British private equity firm Lion Capital, with Lathouwers retaining a 10 per cent stake.
Ownership by PAI Partners
In February 2015 Lion Capital sold the A.S.Adventure Group to PAI Partners. Later that year the group bought the Snow & Rock Group, comprising the Snow & Rock, Cycle Surgery and Runners Need chains with a combined 46 shops, from LGV Capital. Together with the 69 Cotswold Outdoor stores, the group expected its UK turnover to reach £210 million. In November 2015 the four British chains were merged into a single company, Outdoor and Cycle Concepts.
In August 2017 the group entered the German market by acquiring McTrek, an outdoor retailer with 39 stores, for a reported €38 million.
Financial difficulties and restructuring
In January 2019 Sky News reported that A.S.Adventure was preparing a store closure programme in the United Kingdom, where it operated around 120 stores with a turnover of £190 million and employed 1,200 people. In May 2019 creditors of Outdoor and Cycle Concepts approved a company voluntary arrangement under which the company sought lower rents at 50 of its 120 stores and closed four shops. In April 2020, during the COVID-19 pandemic, McTrek's parent company filed for insolvency proceedings in Germany, with all 43 of its stores temporarily closed.
In 2021 the group completed a debt restructuring under which banks waived €85 million of debt in exchange for 45 per cent of the shares, while PAI Partners and management retained 55 per cent, and €25 million of new capital was injected. The holding company was renamed Yonderland; the store names were not affected. For 2022 the group reported a record EBITDA of €53.5 million, and in 2023 it operated 190 stores in five countries. In February 2026 PAI Partners and management bought out the stake of around 45 per cent held by the banks since 2021, with PAI regaining full control and management taking a substantial minority stake. For its most recent financial year, reported in July 2026, Yonderland recorded revenue of €642.5 million, up 1.2 per cent, and a small net loss.
Recent developments
The Belgian stores are operated by Retail Concepts, which also runs the concept store Juttu. In 2020 Bea De Beuckelaer succeeded Dominique Motte as its chief executive. On 2 September 2025 A.S.Adventure opened its fiftieth store, on the Rue de Béthune in Lille; it was the chain's fourth location in France, after Reims, Bordeaux and Nice.
From Wikipedia’s article on A.S.Adventure, shared under CC BY-SA 4.0.4