The EQT Opportunity Fund (“EQT Opportunity”) and the minority shareholders have reached an agreement to sell the shares in Swedish outdoor clothing company Lundhags Skomakarna AB (“Lundhags”) to Norwegian ski wax, ski poles and outdoor textile supplier Swix Sport AS (“Swix”). Swix is the owner of the Swix, Ulvang, Bavac and Toko brands.
Lundhags was founded in 1932 in Järpen, Sweden, by shoemaker Jonas Lundhag. The company offers boots, clothing, backpacks and skates. The product range is focused on high quality, authentic functional design, sustainability and performance. Lundhags’ main markets are the Nordic region and Germany.
EQT Opportunity acquired the majority of Lundhags in 2007 from the Lundhag family and has since executed a major development program focusing on a more distinctive brand positioning, enhanced go-to-market approach as well as more efficient and professional operations. During EQT Opportunity’s ownership period, Lundhags’ sales grew by more than 15% annually.
“Thanks to the hard work by the management and board, Lundhags has developed into a more professional company with a competitive, award winning product range and clear brand positioning. I am happy to see Swix as new owner and I am confident that they are able to develop Lundhags, a company turning 80 years old soon, even further”, says Thommy Nilsson, Chairman of Lundhags and member of the EQT Industrial Network.
The transaction is subject to approval from antitrust authorities and is expected to close during the first quarter of 2012.
EQT Opportunity Spokesperson Johan Hähnel
Communications & PR
+46 8 506 55 334
EQT is the leading private equity group in Northern Europe with close to EUR 18 billion in raised capital and multiple investment strategies. Together with a superior network of Industrial Advisors, EQT implements its business concept by acquiring or financing high-quality medium-sized to large companies in Northern and Eastern Europe, Asia and the United States, developing them into leading companies. Development is achieved by applying an industrial strategy with focus on growth. Since inception, EQT has invested more than EUR 10.8 billion in around 100 companies and exited close to 50. EQT-owned companies have more than 550,000 employees.
EQT Partners, acting as investment advisor to the managers of each EQT fund, has around 120 investment professionals with an extensive industrial and financial competence. EQT Partners has offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo, London, Munich, New York, Shanghai, Singapore, Stockholm, Warsaw and Zurich.
More information can be found on www.eqt.se
Lundhags Skomakarna AB was established in 1932 by the shoemaker Jonas Lundhag, who started the production of shoes and boots in Frösön, Jämtland. His dedication to quality and function was as passionate as his love for nature. This focus has ever since been the basis for Lundhags. Today, the company is one of the classical Scandinavian outdoor brands. Lundhags develops and distributes boots clothing, backpacks and skates for the active outdoor user. The company has an office with a shoe workshop in Järpen and an office in Stockholm. Lundhags also has a large brand/outlet store in Järpen/Åre. The revenue in 2010 was approximately SEK 110 million.