Arena was established in 1973 as a spin-off of Adidas. The company is active in the production and distribution of technical sportswear, focusing on the water-wear segment, is the second global player in its market and a reference brand in the world of sport competitions, thanks to its continuous investments in research and development. Arena's headquarters are in Tolentino (Italy). The group has commercial subsidiaries in France, Germany, Belgium and a distributors' network in over 60 countries. In 2009, consolidated revenues amounted to €84 million with a headcount of about 180 people. In 2006 BS Investimenti IV and BS Private Equity arranged, jointly with the management, the secondary management buy-out of Arena. The investment rationale is to strengthen the group's competitive position in the European market, to expand organically by focusing on new geographic markets, and to pursue a policy of add-on acquisitions in the watersports' segment.