Silva has finalized the acquisition of Primus

Silva Sweden AB has acquired 100% of the shares in Primus AB from Fenix Outdoor AB. The closing of the deal took place today on April 28, 2023.

The acquisition became official on December 7, 2022. Since then, the organizations of Primus, Silva and Fenix have been working towards completing all the operative transitions including business systems, web, e-com and also physical office location. Silva Sweden AB has been renamed and operations will go through Primus-Silva Sweden AB.

“It has been a hectic period with enormous workload to have both organizations up and running independently from May 2. Now we are finally there. I want to express my appreciation to all employees and advisors that have been involved in this project, and also a special thank you to Fenix for being a supportive seller to work with. I would like to thank our board of directors and owner Verdane for great backup” says Richard Jägrud CEO of Silva Sweden.

Since Silva was acquired by Verdane in 2021, the strategy has been to strengthen Silva as an important equipment supplier and partner.

“The acquisition of Primus will strengthen our position as a strong supplier of equipment for athletes and adventurers. Primus is a strong technical outdoor equipment brand with a global presence, selling to the same channels as Silva and with limited overlapping assortment” says Richard Jägrud CEO of Silva Sweden AB.

Silva and Primus both have a strong Swedish heritage and a proud history of innovations. Silva invented the liquid filled compass in 1933 which set the global standard for how navigation works. Approximately 40 years earlier, the world’s first soot-free kerosene stove was invented by the founders of Primus.

The goal of the acquisition is to utilize synergies between the brands for future growth and to further develop the unique strengths of both brands to become a strong equipment company. Total revenue for the year is expected to be 320 million SEK.

Silva and Primus have seen tremendous growth over the last years and both brands have gained strong positions in different markets. This, together with an ambitious agenda for innovation, brand building and sustainability work, means high potential for further growth and expansion. Because the brands share similar goals for the future, joining efforts enable accelerated work to care even more for the planet and people living on it.

“We promise to take great care of the employees and the great Primus brand to further develop the brand and sales the coming year” says Richard Jägrud.

Advisors:

PWC has been the financial advisor and project leader for Silva while Lindahl has been Silva’s legal advisor.

About Silva

Silva was founded in Sweden in 1933 when the Kjellström brothers and Gunnar Tillander invented the first ever liquid filled compass. A few years later, in 1935, the business was expanded with the first headlamp; the Zeiler. Since then, Silva has continued to develop products for outdoor use. Compasses, headlamps, running vests and clever accessories that make outdoor life in the mountains, forests and at sea more safe – and more fun. Current innovations from Silva are focused on sustainability and performance for world class athletes, everyday adventurers and professional users.

The Silva brand is currently marketed in the Nordic region, Europe, Asia and North America. Since 2021, Silva is owned by Verdane.

About Primus

The Swedish company PRIMUS has been creating products for outdoor use since 1892. They have been tested on expeditions by such pioneers as Roald Amundsen and Sir Edmund Hillary. PRIMUS is known for reliable, safe and innovative products that make people enjoy their outdoor adventures – both big and small.

The focus is on creating environmentally friendly, easy to use and lightweight products. Mainly made in Europe, sold in more than 60 countries worldwide.

About Fenix Outdoor

Fenix Outdoor was established in the early 2000’s by the founder of Fjällräven, as Fjällräven started on its merger and acquisition journey. Since then, the organization has grown to include 5 major brands within the Outdoor industry – Fjällräven, Hanwag, Royal Robbins, Tierra and Primus – as well as owning and operating premium multi-brand outdoor retailers within the group we call Frilufts Retail Europe – Naturkompaniet (Sweden/Norway), Friluftsland (Denmark), Partioaitta (Finland), Trekitt (UK) and Globetrotter (Germany).

The common denominators for all our brands are that we strive to develop and sell premium, high quality and sustainable outdoor gear and experiences to inspire people to walk with nature.

Fenix Outdoor is listed on the Nasdaq OMX, Stockholm, Large Cap.