Fenix Outdoor acquires majority stake in clothing brand Devold of Norway
Fenix Outdoor International AG, parent company of Fjällräven, Royal Robbins, Hanwag and Fenix Outdoor brands, has agreed to acquire a majority stake in Devold of Norway AS. Devold specialises in wool-based clothing for outdoor activities and protective workwear.
Transaction snapshot
Deal value: €35 million ($60.2 million)
Deal multiples: N/A
Deal type: Majority acquisition (65% stake)
Investors: Fenix Outdoor International AG, Flakk Group (retaining minority share)
Fenix Outdoor will acquire 65 per cent of Devold for €35 million ($60.2 million). The payment comprises a combination of cash and 112,898 Fenix Outdoor treasury shares. The seller, Flakk Group, is a Norwegian family-owned investment business active in various sectors. Flakk Group will retain the remaining 35 per cent stake in Devold.
Following the transaction, Devold will become the leading wool brand within Fenix Outdoor’s portfolio. The acquisition is expected to close this month and contribute positively to Fenix Outdoor’s profitability during 2025.
Fenix Outdoor Executive Vice President Martin Axelhed said the acquisition follows an extensive search for a premium wool brand to complement the company’s existing business. Axelhed noted that Devold’s heritage and product quality align closely with Fenix Outdoor’s values and customer expectations.
Devold CEO Øystein Vikingsen Fauske stated that Fenix Outdoor was an ideal partner, highlighting its global reach, premium brand portfolio and reputation for quality service. He emphasised a shared commitment to sustainability and product innovation.
Devold Chair Knut Flakk said the partnership with Fenix Outdoor aligns with Devold’s international growth ambitions. He noted the companies' shared vision of improving global accessibility to outdoor experiences.
