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 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.
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