The trading group Fenix Outdoor International AG intends to completely take over the Norwegian clothing supplier Devold of Norway AS, which specializes in wool products.
The group of companies based in Zug, Switzerland, which includes retailers such as Globetrotter, Naturkompaniet and Friluftsland as well as brands such as Fjällräven, Tierra and Hanwag, had already secured a 65 percent stake in Devold last year. On Monday, the group announced that it also wanted to acquire the remaining 35 percent, which is currently held by the Norwegian investment company Flakk Group. According to a report, the purchase price for the outstanding shares amounts to 9.6 million euros.
The aim of the planned transaction is to enable Fenix Outdoor to accelerate the expansion of the Devold brand outside its two main markets of Norway and Germany, the group said.