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Spectrum Equity invests, buys majority stake in AllTrails

Spectrum Equity Management LP purchased a majority stake in digital outdoors guide provider AllTrails Inc. as part of a new substantial investment led by the growth equity firm.

Financial terms of the deal were not disclosed.

The stake acquisition was made in partnership with AllTrails CEO Jade Van Doren and COO Ron Schneidermann.

Spectrum Equity Managing Director Ben Spero and Vice President Matt Neidlinger will join the board of the digital trail maps platform.

The deal will aid AllTrails in its product development, trail coverage expansion and user community support.

Stubbs Alderton & Markiles advised AllTrails, while GP Bullhound was its exclusive financial adviser. Latham & Watkins advised Spectrum Equity.