Moda Operandi raises $100 million in new capital

Apax Digital

31 January 2020

Equity Investment Led by New Enterprise Associates and the Apax Digital Fund 

New York – Jan 31, 2020: Moda Operandi, the world’s leading platform for fashion discovery, today announced it has raised $100 million in new equity and debt financing, led by existing investors New Enterprise Associates, Inc. (NEA) and the Apax Digital Fund, with additional participation from the Santo Domingo Family, Comerica Bank and TriplePoint Capital, among others.

Moda Operandi raises $100 million in new capital

Moda will use the proceeds to continue to invest in its core client experience, innovative shopping model, unique curation of fashion, fine jewelry, and home decor, as well as the data and technology systems that power the Moda platform.

“For the past eight years, Moda has disrupted the way people shop for luxury fashion,” said Moda Operandi CEO Ganesh Srivats. “This investment will enable us to build on that innovation, investing further in the client and designer experience and connecting more of the world’s best fashion to more people.”

Dan O’Keefe, Managing Partner of Apax Digital, said: “We continue to be impressed with the power of Moda’s brand and its positioning in the luxury market. Moda has been enhancing its technology capabilities as a world leading platform for fashion discovery and is led by a world-class team. We look forward to continuing to support their expansion.”

“Moda Operandi has really disrupted the traditional ecommerce model, using technology to give people unprecedented access to fashion,” said Tony Florence, General Partner and Head of Technology Investing at NEA. “It was a really big idea when we led the Series A, and today Ganesh and the team are executing on that data-enabled retail model at scale. We are thrilled to continue supporting the company in this latest round.”

The new commitment brings Moda Operandi’s total equity capital raised to date to $345 million.

About Apax Digital

The Apax Digital Fund specializes in growth equity and buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax Partners’ deep tech investing expertise, global platform, and specialized operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. For further information, please visit

Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see:

About NEA

New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With more than $20 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions.

About Moda Operandi

Moda Operandi is an e-commerce platform transforming the way people discover and shop for designer fashion. Through its innovative mix of commerce and content, Moda allows women and men to shop for what’s new and what’s next in designer fashion from the world’s leading emerging designers and luxury brands. Founded in 2010, Moda Operandi’s mission is to make it easy for designers to grow their businesses and consumers to realize their personal style. Today, Moda’s platform carries more than 1,000 brands and designers across fashion, fine jewelry and home, and ships to 125 countries. For more information, visit

Media Contacts:

Moda Operandi

Alexandra Valasek |

Apax Digital / Apax Partners

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 |
U.S. Media: Todd Fogarty, Connor Moriarty, Kekst CNC | +1 212 521 4800 |
UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 |


Kate Barrett |


Categories: News


Latour completes acquisition of Custom LeatherCraft Mfg. LLC.

Latour logo

On August 30th, Investment AB Latour, through its wholly-owned subsidiary Hultafors Group AB, signed an agreement to acquire Custom LeatherCraft Mfg. LLC (“CLC”) based in Los Angeles, CA, USA. All closing conditions have now been fulfilled and the transaction has been completed as of September 16th.

Göteborg, September 16, 2019

Johan Hjertonsson, CEO

For further information, please contact:
Ole Kristian Jødahl, CEO Hultafors Group AB, +47 900 88 305
Jens Eriksson, Director, M&A and Strategy Hultafors Group AB, +46 702 114 601

Hultafors Group is one of Europe’s largest companies to supply workwear, footwear, head protection, hand tools and ladders for professional users. The products are developed, manufactured and marketed as their own brands, which are available through leading distributors in about 40 markets, with emphasis on Europe and North America. Hultafors Group has more than 800 employees and an annual turnover of more than SEK 2.6 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 59 billion. The wholly-owned industrial operations had an annual turnover of about SEK 12 billion in 2018.

Categories: News


Altor invests in XXL

No Comments


XXL ASA (“XXL” or the “Company”) has agreed to sell its 3,096,274 XXL shares (2.23% of the outstanding shares in the Company) held in treasury (the “Treasury Shares”) to Altor Invest 5 AS and Altor Invest 6 AS at a price of NOK 25.00 per share. Altor Invest 5 AS and Altor Invest 6 AS are indirect subsidiaries of Altor Fund IV, a fund in the Altor family of funds (together referred to as “Altor”).

The Company’s sale of Treasury Shares will yield total proceeds to XXL in the amount of NOK 77.4 million and contribute to a strengthened liquidity situation for the Company.

In addition to acquiring the Treasury Shares, Altor has on 19 June 2019 acquired 7,100,000 shares from existing XXL shareholders. Together with the 6,900,000 shares already owned by Altor, Altor will own 14,000,000 shares (10.06%) excluding the Treasury Shares and 17,096,274 shares (12.29%) including the Treasury Shares, and has requested a representative on the Board of Directors of the Company.

In the period from 2010 to 2015 XXL was partly owned by EQT. In this period XXL developed strongly, gaining market leadership in Nordic sports retail, including a strong position online, together with solid financial results. XXL has accordingly good experience with PE owners, and believes Altor will fuel the Company with competence in the next phase. Altor is a market leading Nordic PE fund and a long-term investor focused on investing in and developing medium sized companies, with extensive retail and consumer goods experience, strong industrial network and portfolio companies with both similar characteristics as well as potential partnerships with XXL. The Board of Directors is of the view that Altor’s involvement with the Company will contribute to strengthening XXL’s business model as Altor is recognized as a long term value creator with an active ownership model, and that increased involvement from Altor will be in the best interest of the Company and its shareholders.

Chairman of the Board of Directors in XXL, Øivind Tidemandsen, is supportive of the transaction and to have Altor as a large shareholder in the Company. Dolphin Management AS, controlled by Øivind Tidemandsen, has therefore today sold 2,400,000 shares in XXL at a price of NOK 25.00 to Altor. Following this transaction, Dolphin Management AS owns 31,650,000 shares in XXL (22.75%) and will remain a large shareholder in the Company.

The Treasury Shares have been acquired by the Company pursuant to a board authorization granted by the general meeting under which treasury shares may only be used in conjunction with the share incentive scheme for the Company’s employees or cancelled in connection with a reduction of the share capital of the Company. A different use of the Treasury Shares will need an approval from the general meeting, and the sale of the Treasury Shares to Altor is therefore subject to approval by the Company’s general meeting. The Board of Directors will in due course call for an extraordinary general meeting with the agenda of approving the sales of the Treasury Shares as well as electing a representative of Altor as a member of the Board of Directors in XXL. Shareholders representing in the excess of 50% of the outstanding shares have confirmed that they will vote in favour of such resolutions.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For more information, please contact:
Tor Krusell, head of Communications Altor, +46705438747

XXL is a leading sports retailer with stores and e-commerce in Norway, Sweden, Finland, Denmark and Austria. It is the largest among the major sports retailers in the Nordics and the fastest growing among the major sports retail chains in the World. XXL pursues a broad customer appeal, offering a one stop shop experience with a wide range of products for sports, hunting, skiing, biking and other outdoor activities. XXL’s concept is to have the largest stores with the best prices and the widest assortment of products, focusing on branded goods.

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in more than 60 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Dustin, Byggmax, Navico, Infotheek, Orchid, Wrist Ship Supply, Sbanken, Rossignol, Helly Hansen, SATS and Carnegie Investment Bank. For more information visit

Categories: News


The Carlyle Group Acquires Minority Shareholding in Jeanologia, a Spanish Developer of Eco-Efficient Technologies for the Global Apparel & Textile Industry


Investment will support the company’s growth and continued development of disruptive sustainable technologies

London, Valencia – Global investment firm The Carlyle Group (NASDAQ: CG) today announced it has acquired a significant minority share in Jeanologia, a developer of eco-efficient technologies for the denim industry. Jeanologia has developed a strategic plan to significantly reduce the use of water and the production of toxic waste from the global textile industry within the next five years.

Equity for the transaction comes from Carlyle Europe Partners (CEP) V.  Carlyle acquired its shareholding from MCH Private Equity, who will retain a minority stake in the company.

Established in 1994 and headquartered in Valencia, Jeanologia is a fast-growing supplier of innovative and sustainable solutions for the denim industry. The company’s products offer cost-efficient, sustainable technologies which are transforming the denim manufacturing process by drastically reducing the water consumption and environmental impact of the processing step of the denim industry.

A rapidly-growing percentage of the 6 billion pairs of jeans sold annually are produced with the company’s sustainable eco-efficient technology, and this is expected to increase significantly in the near future.   Jeanologia has ambitious international expansion plans, which will also see its investment in R&D double in the next three years.

Enrique Silla, CEO of Jeanologia said: “The entire Jeanologia team is very excited about the partnership with The Carlyle Group.  Jeanologia has grown at a tremendous rate over the past 20 years during which we have become one of the largest providers of sustainable textile solutions, and a major contributor to the global denim industry.

“This partnership will help us work towards our aspirational goal of eliminating waste water in the textile industry by 2023, making the manufacturing of traditional blue jeans an industrial and technological standard.”

Alex Wagenberg, Managing Director, The Carlyle Group, said: “We are delighted to partner with Enrique’s accomplished team in a company that is transforming the manufacturing industry with a clean, efficient and environmentally-friendly production process.

“We look forward to supporting Jeanologia’s explosive growth through the development of their innovative product range and pipeline of future sales.”

* * * * *

Media Contacts:

The Carlyle Group
Catherine Armstrong
+44 20 7894 1632

The Carlyle Group Press Office Spain – Kreab

Oscar Torres / Clara Eguiagaray
Email: /
Mobile. +34 685 929 026 / 91 702 71 70

Jeanology – DosdeC

Casanova&Carbonell Comunicación
Rocío Casanova
Phone: +34 639 68 11 18

About Jeanologia

Since 1994 their mission has been to create an ethical, sustainable and eco-efficient industry through their disruptive technology and know-how. Their laser, G2 ozone and e-flow system have revolutionized the textile industry.  They offer infinite design possibilities and garment finishes, while saving water, energy and chemicals, eliminating waste and toxic emissions.

The Spanish company currently has clients in 5 continents.  The export of its machines and services represents 90% of its total billing, reaching 61 countries. The biggest market brands place their confidence in Jeanologia, using technology developed by the company.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with $216 billion of assets under management across 343 investment vehicles as of December 31, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America.

Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,650 people in 31 offices across six continents.


Categories: News


EURAZEO BRANDS announces investment in BANDIER Adrienne Lazarus Named Bandier CEO


Paris, February 27, 2019 – Eurazeo, a leading global investment company with approximately €17 billion
in assets under management, is pleased to announce a minority investment in Bandier, a luxury, multibrand activewear retailer offering the latest trends in fashion and fitness. This funding marks the third
investment for Eurazeo Brands, the division of Eurazeo which focuses on differentiated consumer and
retail brands with global growth potential. Eurazeo Brands is investing $25 million in Bandier, in partnership
with company founders Jennifer Bandier and Neil Boyarsky, and venture capital firm C Ventures, led by
Adrian Cheng and Clive Ng. The total capital raised is $34.4 million. Bandier was advised by Ohana & Co.
on this investment.

Bandier was founded in 2014 by namesake Jennifer Bandier, a former music executive turned retail
entrepreneur. Jennifer founded the multi-label retailer with a mission to fill the white space of easily
accessible and stylish activewear product. The first Bandier store opened in Southampton, NY with an
experiential retail model. Today, the company has seven retail stores in key U.S. markets and a strong
e-commerce business which accounts for approximately half of the company’s revenue. Bandier also
operates Studio B, a boutique fitness location, and has a loyal following of nearly 300,000 fitness

“Our vision for Bandier is to be the premiere multi-channel platform for an active woman who loves fashion,
fitness and wellness” said Jennifer Bandier, Co-Founder and Chief Brand Officer. Neil Boyarsky,
Co-Founder and Chairman went on to say, “Eurazeo Brands’ retail expertise and global approach make
them the perfect partner for our next phase of growth.”

Eurazeo Brands aims to invest a total of $800 million in high potential U.S. and European consumer
companies with differentiated brands across a wide range of verticals including beauty, fashion, home,
wellness, leisure and food. In addition to funding, Eurazeo Brands will provide Bandier with proven brand
building, operational and industry expertise. The investment will be used to accelerate Bandier’s
omni-channel growth plan, increase customer acquisition, scale its digital footprint and continue building
a world-class team.

As part of its expansion plan, Bandier will enhance its executive team and add a seasoned CEO, Adrienne
Lazarus, to the company. Lazarus is highly regarded as a strategic and visionary leader in the fashion and
retail space. She is an accomplished executive with deep expertise in both vertical and multi-brand
businesses, and is credited with creating successful exit strategies in her last two roles as the CEO of Frye
and the President of Intermix. She also has a proven track record in brand building and is recognized for
being a catalyst for dynamic growth and innovation in her leadership roles at Ann Taylor and Loft.
Lazarus commented, “I am extremely excited to partner with Jenn and Neil to build the innovative Bandier
business. There is tremendous opportunity to bring Bandier to many more women who love a brand that
combines fashion, fitness and wellness. I also recognize the great opportunity to partner with Eurazeo, a
unique team of professionals with deep industry experience. I am confident that together we will make
Bandier incredibly successful.”

Head of Investor Relations
Tel: +33 (0)1 44 15 16 76
Head of Communications
Tel: +33 (0)1 44 15 76 44
Tel: +33 (0)6 09 01 68 25

For more information, please visit the Group’s website:
Follow us on Twitter, Linkedin, and YouTube

Jill Granoff, CEO of Eurazeo Brands, added, “Bandier is at the forefront of the activewear movement
and is well positioned to gain meaningful market share in this fast-growing sector. By leveraging our
respective capabilities, we will drive product and digital expansion and become the destination for luxury
activewear globally.”

About Bandier
Bandier is a luxury, multi-brand, activewear retailer, offering the latest trends in fashion and fitness. Known for identifying emerging brands and for its meticulous industry edit, the company provides an incomparable shopping experience. Bandier is headquartered in New York, NY with five store locations in New York and Texas, two new flagships with Studio B fitness boutiques opening at Zero Bond in Manhattan and Melrose in Los Angeles, as well as an e-commerce shop with global distribution.

About Eurazeo
Eurazeo is a leading global investment company, with a diversified portfolio of €17 billion in assets under management, including nearly €11 billion from third parties, invested in over 300 companies. With its considerable private equity, venture capital, real estate, private debt and fund of funds expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its 235 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
Eurazeo has offices in Paris, New York, Sao Paulo, Buenos Aires, Shanghai, London, Luxembourg, Frankfurt and Madrid.

o Eurazeo is listed on Euronext Paris.
o ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA


Categories: News


NPM expands minority interest in SUITSUPPLY

NPM Capital

Private equity firm NPM Capital has strengthened its participation in Suitsupply by providing further growth capital. At the end of 2017, NPM Capital invested a first tranche, which allowed Suitsupply to open 25 stores and grow the organization.

Commercially, the company is developing well. Global sales have grown, particularly in the US and Asia. The Suistudio women’s line has been expanded with stores in Milan, Shanghai, Frankfurt and New York. Furthermore, Suitsupply is capitalizing on the casualization trend by offering more clothes that can be worn with a suit or a jacket. Digital development remains a spearhead, with an increasing symbiosis between the physical stores and the webshop. An example is the digital fitting room, where customers decide online what items should be ready for them in a fitting room.

The second tranche of growth capital that NPM Capital has provided will be used for the further development of the omnichannel retail concept, the conversion and restyling of existing stores and the opening of new stores, with a focus on China.

Read more NPM invests in Suitsupply’s growth


Categories: News


L Brands announces sales agreement for La Senza


Columbus, Ohio (Dec. 13, 2018) — L Brands, Inc. (NYSE: LB) today announced that following its previously announced comprehensive review process, it has signed a definitive agreement to transfer ownership and operating control of La Senza – inclusive of the home office organization, North American stores and e-commerce and international partnerships – to an affiliate of Regent LP, a global private equity firm.  The company will sell 100 percent of its assets in La Senza in exchange for the buyer’s agreement to assume La Senza’s operating liabilities and provide L Brands potential future consideration upon the sale or other monetization of La Senza, as defined in the agreement.  The company expects to complete the transaction and transfer ownership in early January.

Operating results for La Senza are included in the company’s Other segment for financial reporting. The company estimates that La Senza’s 2018 revenues and operating loss will be approximately $250 million and $40 million (approximately $0.12 per share), respectively.

L Brands was advised on the sale by Financo.



L Brands, through Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri Bendel, is an international company.  The company operates 3,115 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are sold in more than 800 additional franchised locations worldwide.  The company’s products are also available online at,, and



Regent is a global private equity firm focused on innovating and transforming businesses. The firm’s mission is to create long-term value for its partners, the companies it invests in and the communities in which it works. Regent’s investments span the globe and operate in a wide array of industry verticals including technology, media, consumer products, industrial, retail and entertainment.

Selected investments include Sassoon, Sunset Magazine, Lillian Vernon and a media portfolio comprised of 18 newspapers, magazines and television platforms including Military Times, Army Times, Navy Times, Defense News, PBS TV’s Defense News Weekly, Federal Times and the HistoryNet Magazines. Regent is based in Beverly Hills, California.

For more information, please visit

For further information, please contact:

Regent LP:
Media Relations
Graydon Sheinberg
(310) 299-4108

L Brands:
Investor Relations
Amie Preston
(614) 415-6704

Media Relations
Tammy Roberts Myers
(614) 415-7072

Categories: News


Care of Carl Partners with Litorina


Litorina enters into a partnership with Care of Carl, the leading Nordic online retailer of well-known, classic high-quality brands within apparel, footwear and accessories for men. By partnering with Litorina, Care of Carl gets access to additional resources to continue its rapid development and expansion.

Care of Carl is based in Borås and was founded on the conviction that personal service, active engagement with and a genuine interest in the customer can facilitate and improve the daily lives of the customers. Care of Carl offers men the opportunity to build their personal wardrobe and style by offering a carefully curated selection of renowned brands online. The company has a turnover of c. SEK 220 million with an annual growth of more than 20%. Care of Carl has a loyal and growing customer base of style conscious men across the Nordics, who are served from the central warehouse in Borås.

As a result of the continuously growing demand for Care of Carl’s curated assortment, Henning Källqvist has chosen Litorina as partner to continue developing and growing the company. Litorina becomes the new majority shareholder and Henning Källqvist, who founded the company in 2010, remains as CEO of the company with a 30% ownership.

“Care of Carl has established an incredibly strong position in the market, but to capture all future opportunities, more resources and investments will be required. Litorina and I share both the view of our current position but more importantly the future strategic direction. I am convinced that Care of Carl will be able to reach even more customers who realise the advantages of shopping with us with our high service level which will result in even more rapid growth going forward”, says Henning Källqvist, founder and CEO of Care of Carl.

“Care of Carl is a first-class Swedish company with a leading market position in the Nordics within its niche, in the fast-growing online channel”, says Paul Steene, Partner at Litorina. “We are very pleased that Henning has chosen Litorina as his partner for the continued development of the company”.

“Litorina has a strong track record of investing in companies with sales of premium menswear following our investment in the premium men’s shirt company Eton. We also have experience from developing companies with international online sales, like online carpet retailer CarpetVista with customers in around fifty countries and online flower delivery company Euroflorist with business across Europe. We hope to be able to contribute with experience within these areas in the future development of Care of Carl”, says Magnus Ressel, Director at Litorina.

Litorina and Henning Källqvist share a clear agenda for how to jointly develop the company over the coming years, where focus will be on continuing the rapid expansion while continuing to offer a market-leading customer experience. To execute on this vision, Ian Tansley, former CEO of Mr Porter, will join the company as a member of the board and advisor.

For further information, please contact:

Magnus Ressel, +46 768 96 11 89,, Director, Litorina
Henning Källqvist, +46 707 77 21 85,, CEO, Care of Carl

Care of Carl, founded in 2010, is a Nordic market leader within online retailing of premium apparel, footwear and accessories for men. The carefully curated assortment is sold through its proprietary e-commerce platform to customers across the Nordics. Care of Carl has a turnover of c. SEK 220 million and is headquartered in Borås. For more information, please visit

Litorina, founded in 1998, focuses on acquiring and industrially developing companies together with their management teams. Litorina offers broad and deep expertise both via its own organization and through its network of industrial advisors. For more information, please visit


Categories: News


Adelis acquires Didriksons

Adelis Equity

Didriksons has grown significantly in recent years and strengthened its position as one of the leading brands for rain- and functional wear in Scandinavia. To support the continued growth journey of the company, Adelis Equity Partners is acquiring a majority stake in Didriksons from a fund managed by Herkules Capital. Management will continue in their present roles and as significant owners in the company.

Didriksons was founded in 1913 as a manufacturer of workwear for fishermen. Today, the company is a leader in Scandinavia within rain- and functional wear, and produces functional, durable and well-designed garments for women, children and men. The growth in recent years has been driven by expansion in new geographic markets and e-commerce. Didriksons is currently sold in more than 19 countries with a third of sales coming from online channels, and has a turnover of around SEK 500 million.

”Didriksons has gone through an expansive period, where we have successfully grown in the Nordics and internationally, through considerable investments in product development and a strengthened customer offering. We are pleased to have Adelis as a new majority owner to support us in the next step of our exciting growth journey. Adelis has a strong network and extensive experience of developing Nordic brands and consumer goods companies. This makes them a strong partner for us, which will be valuable when we continue to implement our growth strategy,” says Johan Ekeroth, CEO of Didriksons.

”With its strong brand offering based on functionality and timeless design, and its niche position within rain- and functional wear, we see strong potential for continued growth for Didriksons. We are impressed by the company’s management and the strong development in the Nordics and in other European countries. We are looking forward to supporting Didriksons’ growth and developing the company together with management,” says Lene Sandvoll Stern at Adelis.

In connection with the transaction Mats Hedblom, former CEO of Haglöfs, will join the new board of directors.

The parties have agreed not to disclose the terms of the transaction. The transaction is subject to customary regulatory approvals.

For further information:

Didriksons: Johan Ekeroth,, +46 706 54 32 48

Adelis Equity Partners: Lene Sandvoll Stern,, +46 702 81 34 24

About Didriksons

Didriksons was founded in 1913 as a manufacturer of workwear for fishermen. Today, the company is one of the leading brands in Scandinavia within rain- and functional wear for the entire family. Didriksons’ turnover is around SEK 500 million, and its products are sold in more than 19 countries with one third of sales coming from online channels. For more information please visit

About Adelis Equity Partners

Adelis is an active partner in creating value at medium sized Nordic companies. Adelis was founded with the goal of building the leading middle market private equity firm in the Nordics. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, acquiring 16 platform investments and making more than 40 add-on acquisitions. Adelis now manages approximately €1 billion in capital. For more information please visit


Documents & Links


Categories: News


EQT acquires majority stake in Dunlop Protective Footwear


  • QT acquires majority stake in Dunlop Protective Footwear, the leading global manufacturer of protective wellington boots
  • Intention to support the global growth of Dunlop Protective Footwear, by enhancing its go-to-market approach in the US, driving expansion in underpenetrated and new geographies, and by fostering innovation and new product development
  • Gilde Equity Management, the current majority shareholder, will reinvest in the company and will remain a significant shareholder going forward
  • The existing executive team, led by CEO Allard Bijlsma, will continue to lead Dunlop Protective Footwear

The EQT Mid Market Europe fund (“EQT”) announces that it is acquiring a majority stake in Dunlop Protective Footwear (”Dunlop” or “the Company”) from its current owner Gilde Equity Management Benelux (“GEM”). GEM will remain a significant shareholder and will continue to support the growth plans of the Company in close cooperation with EQT and Management.

Dunlop is the leading global manufacturer of branded protective wellington boots, serving professionals in Agriculture & Fishery, Food processing, Industry and Oil, Gas & Mining. With over 500 employees, production sites in the Netherlands, Portugal and the US, and sales activities around the world, Dunlop serves customers in more than 50 countries.

EQT is excited to support the continued global growth of Dunlop, by enhancing the Company’s go-to-market approach in the US, driving expansion into underpenetrated and new geographies, and fostering new product development. Dunlop is expected to benefit from EQT’s deep sector expertise within tech and digitalization in its mission to further expand its e-commerce platform. EQT also intends to support Dunlop’s growth ambitions through add-on acquisitions.

Florian Funk, Partner at EQT Partners and Investment Advisor to EQT Mid Market Europe, comments: “EQT is honored by GEM’s trust and grateful to have been granted an exclusive process. This enables us to work together in the future and build on the impressive track record of Dunlop Protective Footwear. We regard this outcome as a testimony to our EQT brand value and acknowledged reputation to help high-quality companies unlock their full potential. We are very excited to join the Dunlop journey and to support the management team in accelerating its global growth ambitions going forward.”

Thijs van Remmen, Partner at Gilde Equity Management: “We have been a shareholder in Dunlop for many years and have supported the company through several phases of development. Starting by focusing Dunlop entirely on its niche of protective wellington boots, we then helped the company to steadily gain market share globally, including the step-change acquisition of competitor Onguard in the US. We believe the company is in a better position than ever to propel itself to the next level. That is why we will reinvest significantly and remain a shareholder in the company.”

Allard Bijlsma, CEO of Dunlop, adds: “Our Dunlop Protective Footwear company has a clear plan towards the future, in which driving comfort and protection for our end users is the central theme. With our Dunlop brand and our best in class product offerings, like Purofort, we are acknowledged as the innovation leader in our business. I’m delighted that the EQT team has joined us to support our global roll-out and thus being able to accelerate on our ambitions. I’m convinced that EQT can deliver great value to our business by making use of their global network of experts in virtually every field.”

The transaction is subject to customary conditions and regulatory approvals. It is expected to close in Q2, 2018. The parties involved have agreed not to disclose financial details of the transaction.

Florian Funk, Partner at EQT Partners, Investment Advisor to EQT Mid Market Europe, +49 89 2554 99 504
EQT Press Contact, +46 8 506 55 334

About EQT
EQT is a leading investment firm with approximately EUR 49 billion in raised capital across 26 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info:

About GEM
Gilde Equity Management (GEM) is an independent private equity firm in the Benelux with more than 30 years of experience and over EUR 1 billion under management through funds with a long-term investment horizon. Since 1996, GEM focuses exclusively on the Benelux mid-market segment and invests in international companies based in the Netherlands and Belgium.

More info:

About Dunlop Protective Footwear
Dunlop Protective Footwear is the leading global manufacturer of protective wellington boots. In more than 50 countries worldwide, the Company provides comfortable and protective footwear to the workers in Agriculture & Fishery, Food processing, Industry and the Oil, Gas & Mining industry. Dunlop has more than 500 employees, three production sites in the Netherlands, Portugal and the US, and sales people around the world. Dunlop Protective Footwear is headquartered in Raalte, the Netherlands.

More info:


Categories: News