Swix Sport announces Lundhags acquisition
In January 2012, Swix Sport announced it would acquire Lundhags from EQT’s Opportunity fund, with completion expected in mid-February.
In January 2012, Swix Sport AS announced an agreement to buy Lundhags Skomakarna AB from EQT’s Opportunity fund. Completion was expected in mid-February 2012.
“Swix Sport has developed a strong position in Sweden over many years,” said CEO Ulf Bjerknes. “Acquiring Lundhags gives us an even stronger base in this market. Lundhags’ position in Sweden, with its strong brand and outdoor product range, is an important reason for the acquisition. Its distinctive outdoor expertise will fit very well into our organization and contribute greatly to the continued development of Swix Sport in Sweden and internationally. We are very proud of this acquisition.”
“Lundhags is developing very positively, with good growth across all our core areas,” said Lundhags CEO Henrik Ottosson. “We have a clear aim to strengthen our position in every existing market and prepare the company for growth through new channels and markets. Integration into Swix Sport, and the clear benefits of working together, will make a substantial contribution toward reaching those goals.”
Lundhags was founded in 1932 by shoemaker Jonas Lundhag, who developed shoes and boots in his own workshop in Jämtland. By 2012, its range extended beyond its core boot business to clothing, backpacks and Nordic touring skates. The company had grown strongly in recent years, recording revenue of SEK 110 million and a positive result in 2010. Sweden remained its main market, with promising development in Norway and Germany among others.
The acquisition was not expected to change Lundhags’ management. Its offices in Stockholm and Järpen would remain, and Swix Sport stated a clear ambition to continue developing the Lundhags brand.
