Swix Sport AS, announced the acquisition of Lundhags Skomakarna AB from the EQT Opportunity Fund. The formal take over will take place in February 2012.
“Swix Sport has for many years, developed a sound market position in Sweden,” says Swix Sport CEO Ulf Bjerknes. “Through the purchase of Lundhags, Swix Sport will establish an even stronger position in this market. The brand strength of Lundhags in Sweden, combined with their vast experience in the outdoor industry, will contribute significantly to our growth, both in Sweden and throughout our international markets. This is a perfect fit for our organization and weâ€re very excited with this acquisition,” says Bjerknes.
“Lundhags is experiencing solid growth in all our core product areas,” says Henrik Ottosson, CEO of Lundhags Skomakarna. “We have a clear objective to increase our sales in all existing channels and further position our company for growth and expansion into new markets in the years ahead. The integration and synergy of Lundhangs into Swix Sport will become a critical factor to reaching our goals.”
The history of Lundhags started in 1932 with legendary shoemaker Jonas Lundhag who developed shoes and boots in his own workshop in the middle of the jämtländska wilderness. Today, footwear is the core product category of the company, with additional categories now including clothing/apparel, backpacks and Nordic skates. In the last several years, Lundhags has experienced significant growth, posting 2010 year end revenue in excess of 110 SEK.
According to Swix Sport, there will be no change in the Lundhags management as a consequence of this acquisition. The offices in Stockholm and Järpen will remain unchanged and Swix Sport will exercise a clear objective to further develop the brand Lundhags throughout Sweden, Norway, and other markets throughout middle Europe.
