RevolutionRace parent RVRC Holding AB has agreed to acquire 90.1 percent of Swedish sportswear brand Icaniwill (ICIW) for SEK 700 million ($72.0 mm). 

ICIW was founded in 2012 by Gustaf Ollas and is known for its gym, cardio, yoga, and athleisure apparel. Anders Wallstedt has been CEO since the fall of 2018.  

RVRC Holding said, “ICIW has a solid history of profitable growth.” For the twelve months ended June 30, ICIW reported estimated net revenues of SEK 470 million, representing a compound annual growth rate (CAGR) of approximately 37 percent since 2019. During the twelve-month period ended June 30, ICIW reported an estimated adjusted EBIT of SEK 73 million and an estimated adjusted EBIT margin of 16 percent. In the three-month period ended June 30, sales were up 30 percent year over year. 

RVRC Holding also reports that since Wallstedt became CEO in 2018, “ICIW has accelerated its growth and expanded its presence across the Nordics and Europe.”  

The brand offers training apparel sold primarily through its D2C webshop, as well as through wholesale partners and a retail store in Finland. ICIW reports steady growth supported by “622,000 followers on social media platforms.” ICIW has a network of gym partners across the Nordics and the DACH region, with roughly 60 employees, and is headquartered in Stockholm.  

Core markets for the company are the Nordics (83 percent of net sales), with growth in DACH (13 percent of net sales) and the rest of Europe.

RevolutionRace, also based in Sweden, was founded in 2013 and manufactures outdoor apparel, shoes, backpacks, and accessories. It has been listed on Nasdaq Stockholm since 2021. 

RVRC Holding’s CEO, Paul Fischbein, stated, “I am very pleased that we, through the acquisition of ICIW, are taking an important next step in the development of RVRC Holding as a group. Our mission is to create shareholder value, and we have for some time considered adding M&A as a capital-efficient complement to our growth strategy. We have developed an M&A framework that focuses on brands with a direct-to-consumer (D2C) model operating in adjacent product categories, delivering high growth and strong profitability. ICIW meets all our M&A criteria. 

“We have always had a disciplined approach to capital allocation, focusing on organic investments to develop RevolutionRace’s D2C platform across Europe, and it is important to underline that this acquisition will in no shape or form take away the focus on the core offering and the relentless effort to continue the organic growth of RevolutionRace. Further acquisitions can happen if the target companies meet our M&A criteria, but we will however continue to apply a very cautious and selective approach when evaluating new opportunities. 

“The CEO, Anders Wallstedt, and the ICIW team have built a D2C-brand that is growing rapidly and profitably, with a clear runway for European expansion. ICIW is, in many respects, where RevolutionRace was five to six years ago, and we have the platform, pan-European reach, and operational experience to further accelerate the ICIW journey. ICIW will operate as an independent brand with its existing management team remaining in place. At the same time, we see opportunities for best practice sharing and synergies. I really look forward to what we can build together.” 

ICIW’s Wallstedt stated, “We are thrilled to become part of RVRC Holding. From day one, ICIW has stayed true to its training philosophy, and that commitment has taken us from a small startup to over SEK 470 million in revenue, an extensive network of gym partners across the Nordics and DACH, and a community that is genuinely proud to wear ICIW. Joining RVRC Holding gives us the platform to take the next step – to expand in Europe faster, reach more customers and continue building the brand we have always believed ICIW can be. I want to thank our entire team, whose commitment and passion are the reason we are here today, and we now look forward to a new and exciting chapter.” 

Image courtesy ICIW