MIPS AB, the Sweden-based maker of helmet protection technologies, has acquired all shares of the body and head impact protection brand Koroyd for €40 million ($46.9 million).
Founded in 2010, Koroyd is based in Monaco, France, and develops impact-protection technology for head and body safety equipment that is reported to “complement Mips’ technology.” Products include head, body, and hand protection across sport, motorsport, defense, industrial safety, and child restraint systems. Koroyd has 99 patents.
During the financial year 2024/25, Koroyd reported sales of approximately €11 million with an adjusted EBITDA of approximately €5 million.
The purchase price of €40 million was on a cash- and debt-free basis, with an additional earn-out of up to €25 million if certain performance targets are met, corresponding to multiples of 8x EBITDA and 13x EBITDA, respectively. The acquisition is expected to be financed through available cash and a new credit facility.
“The acquisition of Koroyd marks another important step in Mips’ long-term strategy to strengthen our position as the leader in helmet safety. This acquisition positions the group uniquely in the market and enables interesting entries into other adjacent product areas. The acquisition is in line with our strategy and serves as a springboard into adjacent product safety areas,” said MIPS President and CEO EMax Strandwitz.
“The brands will continue to operate separately under their respective strong leadership teams, but we jointly see exciting synergies, especially in product development and marketing, as well as in the strength of combining knowledge from two fantastic innovation-driven companies. This acquisition expands our offering in advanced protection solutions and helps us continue to drive the development of safer products for consumers and professional users,” added Strandwitz.
“From the beginning, Koroyd has been built on a culture of purposeful,ul innovation, solving real problems with solutions that genuinely improve protection whilst putting the user experience first. In MIPS, we have found a partner who shares that ethos entirely,” said John Lloyd, founder of Koroyd.
“Together, I am convinced that this combination will accelerate our diversification strategy. Our technologies are naturally complementary and together form a platform that strengthens partners, delivers on the strong demand for both brands and expands what is possible in protection. Above all, it’s the shared values, collaborative mindset and long-term vision that make this partnership a natural evolutionary step. This shared foundation makes the future extremely exciting, and I couldn’t be more enthusiastic to be part of building it,” added Lloyd.
Image courtesy Koroyd
