Briscoe Group has confirmed that it participated in Kathmandu’s $40 million capital raising yesterday, acquiring an additional 2.57 million shares in the outdoor retailer for $5.5 million.

Briscoe, which has had its eye on Kathmandu has a potential takeover target, has bought the shares amid the retailer’s forthcoming acquisition of footwear brand Oboz.

Briscoe Group managing director Rod Duke told investors in a statement yesterday that the business is supportive of Kathmandu’s renewed international ambitions.

“We are very supportive of Kathmandu’s initiative to diversify the business and position it for greater international growth,” he said.

Kathmandu completed its capital raising in less than 24 hours earlier this week, issuing 18.5 million new shares at a price of NZ$2.16, a 10 per cent discount on the closing price of Kathmandu on the New Zealand stock exchange on 19 march.

“The Placement was oversubscribed and very well supported by our existing institutional shareholders, with strong demand also coming from new institutional shareholders,” Kathmandu chief executive Xavier Simonet said.

“The acquisition of Oboz represents a unique and exciting opportunity to expand our presence in the key North American outdoor wholesale market. We are pleased to see such strong support from our shareholders, which is an endorsement of our strategy to accelerate Kathmandu’s international growth.”