The Fenix Outdoor International AG trading group is expanding its portfolio.
The group of companies based on the Swiss train, which includes retailers such as Globetrotter, Natural Companiet and Friluftsland as well as brands such as Fjällräven, Tierra and Hanwag, announced on Tuesday that they would acquire a majority stake in the Norwegian clothing provider Devold of Norway AS.
For 65 percent of the shares in Devold, the previous owner Flakk Group AS receives 35 million euros and 112,898 own shares from Fenix. After the transaction, which is to be carried out in March, the Norwegian group will keep a 35 percent participation to Devold.
Martin Axelhed, the Executive Vice President of Fenix Outdoor, explained the reasons for the takeover: “We searched extensively for a premium wool brand that supplemented our portfolio and have now found the right partner,” he said in a statement. “We appreciate Devold’s high quality standards. Now we would like to get outdoor enthusiasts: inside and adventurers: Bring Devold’s high-performance clothing inside and build a leading global wool brand. ”