Reports indicate that UK-based performance apparel and footwear company Musto is to sell a majority stake to London-based investment company Phoenix Equity Partners for approximately £10 million ($20.3 million).

Musto was founded by experienced sailor Keith Musto and produces outdoor wear and equipment for sailing, equestrian, shooting and casual use. Products range from backless deck shoes to breathable jackets to anti-frostbite gloves.

Its owners will retain a 30% stake in the company.