RevolutionRace buys sportswear brand ICANIWILL in SEK 700M deal
What's the deal? RVRC Holding, parent of outdoor brand RevolutionRace, has agreed to acquire 90.1% of Swedish sportswear brand ICANIWILLDealroom has a profile for this one. Try Dealroom → (ICIW), with an option to buy the rest. The initial purchase price values ICIW at SEK 700 million on a cash and debt-free basis, payable at closing.
The terms: An additional payment of up to SEK 175 million is tied to EBIT targets for calendar years 2026 and 2027. Assuming those targets are met, the total price implies a multiple of 7.8x EV/EBIT for 2027; the initial price alone represents 9.5x EV/adjusted EBIT.
The deal is funded through existing cash, credit facilities, and the transfer of treasury shares. RVRC expects it to boost earnings per share in 2026/2027.
What each does: RevolutionRace sells outdoor apparel through a direct-to-consumer (D2C) model across Europe. ICIW, founded in Sweden in 2012, makes training apparel sold mainly through its own webshop, plus wholesale partners and one retail store in Finland. It has about 60 employees in Stockholm and 622,000 social media followers.
The numbers: The Nordics account for 83% of ICIW's net sales, with DACH markets contributing 13% and growing. The brand has expanded across the Nordics and Europe since Anders Wallstedt became chief executive officer in 2018.
Why now? The purchase marks RVRC's first acquisition and adds M&A to a strategy long focused on organic growth. Chief executive officer Paul FischbeinDealroom has a profile for this one. Try Dealroom → said the company had "for some time considered adding M&A as a capital-efficient complement to our growth strategy."
What's the endgame? RVRC built an M&A framework targeting D2C brands in adjacent categories with high growth and strong profitability. Fischbein said ICIW "is today in many aspects where RevolutionRace was five-six years ago," and RVRC intends to use its pan-European platform to speed the brand's expansion.
What changes? ICIW will operate as an independent brand, with Wallstedt and his team staying in place. RVRC sees room for best-practice sharing and synergies while keeping its focus on RevolutionRace's core growth.
The signal: RVRC is shifting from a purely organic playbook to selective dealmaking, betting it can replicate its own D2C success in a complementary category. Fischbein stressed a "very cautious and selective approach" to future deals — a signal that consolidation will be measured, not aggressive.
Read more: MarketScreener
Image credit: PTPioneer
