New Wave Group AB reported it acquired 100 percent of the shares in the Swedish outdoor and lifestyle company Tenson AB.

Tenson AB, with roots on Sweden’s west coast, founded in Varberg in 1951, has undergone a restructuring and repositioning process over the past four years that included the brand, product, marketing, sales and channel strategies.

Through the acquisition and integration of the company, New Wave Group is expected to give Tenson access to the resources and synergies required to scale up operations and profitability.

In 2022, the Tenson Group’s sales were approximately SEK130 million, with a loss of approximately SEK8.5 million after tax.

The purchase price amounts to SEK1 based on equity at closing on the first day of July 2023 of at least SEK6.53 million, where the brand is booked at approximately SEK31 million. The acquisition is not expected to have a major impact on the result during the second half of 2023 but is expected to impact New Wave Group’s results in 2024 positively.

“Tenson fits perfectly into our Sports & Leisure business and our endeavor to expand within the outdoor segment,” commented Göran Härstedt, first SVP of New Wave Group. “The synergies resulting from the acquisition of Tenson will create opportunities for rapid growth both in terms of sales and profitability, not least as we add another sales channel (promo) for Tenson and great opportunities for geographic expansion within both sales channels.”

Jens Petersson, business area manager for Sport & Leisure, New Wave Group, commented on the deal, “With this acquisition, we are seriously entering the outdoor segment where we have been looking for a suitable acquisition for a long time,” Petersson remarked. “In Tenson, we get an authentic outdoor brand with a rich history and a modernized platform in terms of brand position, product range and established sales channels. Tenson complements our existing brands in a natural way. In addition, we hope Tenson will have a speedy journey with us through our established distribution and contact network both in Sweden and globally.”

Tenson AB will reportedly be part of the Sports & Leisure operating segment, primarily focusing on the retail sales channel.