Adelis Equity Partners has made the second deal from its sophomore fund by picking up a majority stake in parka maker Didriksons from Herkules Capital.
Herkules bought into the business four years ago. Financial details for the Adelis investment were not revealed, but the company currently has a turnover of about SEK500m ($57.5m).
Nordic firm Adelis closed its second fund on its €600m hard cap last summer, just three months after launch.
Didriksons was founded in 1913 as a manufacturer of workwear for fishermen, and has expanded to provide rainproof and weatherproof clothing for adults and children across 19 countries.
Adelis exec Lene Standvoll Stern said, “With its strong brand offering based on functionality and timeless design, and its niche position within rain- and functional wear, we see strong potential for continued growth for Didriksons.
“We are impressed by the company’s management and the strong development in the Nordics and in other European countries.”
Adelis currently has about €1bn in capital under management, just five years after it was founded to target mid-sized Nordic businesses.
The firm has made 16 platform investments and more than 40 add-on acquisitions in that time.
Norwegian private equity firm Herkules closed its fourth fund on a lower than expected NOK2.5bn ($336.5m) four years ago.
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