Fenix Outdoor International AG, the parent of Fjällräven, Royal Robbins, Hanwag, and Fenix Outdoor brands, has agreed to acquire 65 percent of the shares in Devold of Norway AS, which is described as a “pioneer in wool clothing for outdoor activities and protective workwear.”
Following the completion of the transaction, Fenix noted in a media release that “Devold would become its number one wool brand.”
Fenix will pay €35 million for the 65 percent stake in Devold through a combination of cash and 112,898 Fenix Outdoor treasury shares. The seller is Flakk Group, a Norwegian-based family-owned business with investments in private and public companies across multiple industries.
Flakk Group will retain a 35 percent stake in Devold.
“We have searched extensively for a premium wool brand to complement our portfolio and have now found the right partner,” said Martin Axelhed, EVP of Fenix Outdoor. “Honouring Devold’s heritage and high-quality standards, we are eager to introduce outdoor enthusiasts and adventurers to Devold’s high-performance garments and build a leading global wool brand.”
The transaction is expected to contribute positively to Fenix’s profitability in 2025, with closing expected this month.
“Fenix Outdoor is a perfect match for Devold, with its global position, premium outdoor brands and retail network renowned for its service and professionalism towards quality-conscious customers. Their commitment to sustainability and enabling unforgettable moments in nature aligns with Devold’s core values and our uncompromising focus on quality, comfort and innovative technical solutions,” said Øystein Vikingsen Fauske, CEO of Devold.
“We share a common vision of making nature more accessible for people around the world. By combining forces with Fenix Outdoor, we get a strong partner to deliver on our international growth strategy and drive substantial long-term value creation,” said Knut Flakk, chair of Devold.
Capient AS acted as strategic and financial adviser to Flakk Group and Devold. Schjødt AS acted as legal adviser to Devold and Flakk Group, while Advokatfirmaet Hjort AS was legal adviser to Fenix Outdoor.
Image courtesy Devold of Norway AS
