Herkules Capital sells sportswear retailer Odlo

Headed by Hugo Maurstad and Christian Casal, Monte Rosa has previously made a number of investments in the sports industry in Europe. According to a statement, Odlo's new owner plans to bring the company back to its core product of sports underwear, following expansion to other fashion lines in recent years.

Herkules acquired approximately 85% of Odlo in May 2010 from Towerbrook with financing from SEB and UBS. The business was previously a portfolio company of Partners Group.

The GP deployed equity from Herkules Private Equity Fund III, which held a final close in October 2008 on NOK 6bn. The vehicle was 96% deployed as of June 2018. The vehicle now has one remaining asset: New Store Europe (NSE), a company specialising in the design of retail stores, which the GP acquired in March 2010.

Unquote sister publication Mergermarket reported in December 2018 that Herkules planned to exit Odlo and had mandated Baird to advise on the process.

Company
Odlo was founded in 1946 and is based in Hühneberg, Switzerland. The company produces clothing and underwear for outdoor sports, including skiing, running and hiking.

The company employed 650 staff in 2010 and its revenues stood at CHF 160m in 2009. EBITDA and revenues grew at 20% and 10% respectively between 2006 and 2009, according to Unquote Data. The business currently has 800 employees and reported revenues of CHF 119m in 2018, a growth of 19% on the previous year.

People
Odlo – Knut Are Høgberg (CEO).
Herkules – Fredrik Kongsli (director).

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