Herkules acquires Didriksons

Herkules is acquiring the company via its Herkules IV fund and the transaction is expected to complete by the end of January. Didriksons CEO Sören Andreasson and other key employees will hold a significant minority stake following the transaction. Andreasson acquired the company in 1998.

Didriksons is said to have experienced strong growth in the last 10 years. Herkules, which considers Didriksons to have a strong potential for international growth, will support the business as it launches new products as well as further its international expansion.

Herkules also owns Odlo, a European functional sportswear brand, which it acquired in May 2010 from TowerBrook Capital Partners. The investor planned to expand into new geographical markets such as Russia at the time of the investment. Hünenberg-based Odlo distributes branded sportswear in more than 20 countries, with core operations in Germany, Switzerland, France, Austria, Belgium/Holland, and Norway.

Odlo CEO Jonas Ottoson, the former CEO of Peak Performance, has assisted Herkules with the Didriksons deal and will take a seat on the board of directors. Peak Performance was founded in 1986 in Are, Sweden, by Stefan Engström and Peter Blom and is today Scandinavia's largest clothing brand within functional sport fashion, present in more than 20 countries.

Herkules is a Norwegian private equity firm with more than NOK 12bn in committed capital from Norwegian and international investors. It acquires majority stakes in Nordic companies and plans to grow them either via organic growth or acquisitions.

Company
Founded in 1913 and with its roots in Grundsund, Didriksons originally manufactured oil garments for fishermen on the west coast of Sweden. It went through a brand reboot in 1998 in Sweden's textile centre Borås, moving into functional and waterproof sportswear.

The products range includes rain sets, jackets, bottoms, tops and accessories. The company has its own distribution network in Sweden, Norway and the UK, and is represented in 19 countries.

With 45 employees, Didriksons has European brand sales of close to SEK 450m. Net sales in 2012 amounted to SEK 284m with an EBITDA of SEK 54m.

People
Sverre Flåskjer, a partner at Herkules, led the deal. Sören Andreasson is the CEO of Didriksons.

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