European private equity group EQT’s Opportunity Fund has agreed to sell its stake in Swedish outdoor clothing company Lundhags Skomakarna to Norwegian ski supplier Swix Sport, owner of the Swix, Ulvang, Bavac and Toko brands.
Lundhags was founded in 1932 in Järpen, Sweden, by shoemaker Jonas Lundhag. The company offers boots, clothing, backpacks and skates targeting the Nordic region and Germany. The company has an office with a shoe workshop in Järpen and an office in Stockholm. Lundhags also has a large brand/outlet store in Järpen/Åre. Revenues in 2010 were approximately SEK110m.
EQT Opportunity acquired the majority of Lundhags in 2007 from the Lundhag family and has overseen a sales increase of more than 15 per cent annually.
“Thanks to the hard work by the management and board, Lundhags has developed into a more professional company with a competitive, award winning product range and clear brand positioning. I am happy to see Swix as new owner and I am confident that they are able to develop Lundhags, a company turning 80 years old soon, even further”, said Thommy Nilsson, chairman of Lundhags and member of the EQT Industrial Network.
In December 2011, EQT agreed to buy Norwegian telecom company Ventelo for an equity value of up to NOK1.8bn ($307m).
Since inception, EQT has invested more than €10.8bn in around 100 companies and exited close to 50.
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