RVRC Holding (STO: RVRC) to Acquire 90.1% of ICANIWILL in SEK 700 Million Deal

RVRC is expanding its presence in the Nordic sportswear market through a major acquisition announced on July 8, 2026. RVRC Holding AB, the parent company behind outdoor apparel brand RevolutionRace, has agreed to acquire 90.1% of sportswear company ICANIWILL (ICIW).

The transaction values the business at SEK 700 million on a cash and debt-free basis, marking one of the most notable Nordic e-commerce deals this year.

The agreement combines two fast-growing direct-to-consumer brands with strong digital sales strategies. ICANIWILL has built a loyal customer base through performance fitness apparel, while RevolutionRace has expanded rapidly in outdoor clothing across Europe.

Together, the companies aim to strengthen their product portfolios, improve operational efficiencies, and increase international reach. The acquisition also reflects continued confidence in the Nordic direct-to-consumer retail model despite changing consumer spending patterns.

With additional performance-based payments tied to future profitability, the transaction creates incentives for continued growth while supporting RVRC’s long-term expansion strategy.

RVRC Strengthens Its Sportswear Portfolio Through ICANIWILL Acquisition

Acquisition Brings Fast-Growing Fitness Brand Into RVRC Group

RVRC will purchase 90.1% of ICANIWILL at an enterprise value of SEK 700 million. The agreement also includes an option allowing RVRC to acquire the remaining shares in the future. An additional earn-out payment of up to SEK 175 million may become payable after the 2026 and 2027 financial years if predetermined EBIT targets are achieved.

The acquisition financing combines SEK 467 million from available cash and credit facilities with the transfer of 2,558,887 treasury shares valued at SEK 58.62 per share. This structure allows RVRC to preserve financial flexibility while completing the transaction. The company expects the acquisition to increase earnings per share during both 2026 and 2027, supporting its long-term financial objectives.

Key transaction highlights include:

• Acquisition of 90.1% ownership in ICANIWILL.
• Enterprise valuation of SEK 700 million.
• Performance-based consideration of up to SEK 175 million.
• Financing through cash, credit facilities, and treasury shares.
• Expected earnings per share accretion in 2026 and 2027.

ICANIWILL Adds Strong Growth and Profitability to RVRC

Fitness Apparel Brand Delivers Consistent Financial Performance

ICANIWILL has demonstrated impressive financial growth over recent years. For the twelve months ending June 30, 2026, the company generated estimated net revenue of SEK 470 million while reporting adjusted EBIT of SEK 73 million.

That performance represents an estimated 16% EBIT margin, highlighting disciplined cost management alongside continued expansion.

Since 2019, ICANIWILL has achieved a compound annual growth rate of approximately 37%, making it one of Sweden’s fastest-growing digital fitness apparel companies. Founded in 2012, the brand has built its reputation through direct online sales and strong engagement with fitness communities.

Industry research also shows that consumers increasingly value website usability, transparent product information, and secure online shopping experiences. Those strengths closely align with ICANIWILL’s digital-first operating model, creating a strategic fit within RVRC’s existing business.

RVRC Continues Building a Leading Nordic Direct-to-Consumer Business

Acquisition Supports Long-Term Expansion Strategy

RVRC enters this transaction from a position of financial strength. The company maintains an operating margin of approximately 23%, while gross margins remain above 70%. Personnel expenses account for only 5% to 7% of revenue, reflecting an efficient operating structure.

The DACH region, including Germany, Austria, and Switzerland, currently contributes 56% of total company revenue.

The acquisition builds upon RevolutionRace’s strong growth journey. Between 2017 and 2025, company sales expanded more than tenfold, reaching approximately SEK 2 billion before investment firm Altor completed its exit in October 2025. Altor sold 16,299,438 shares at SEK 60 per share, representing a transaction worth approximately SEK 978 million.

By adding ICANIWILL, RVRC broadens its customer offering while creating opportunities for cross-selling, international expansion, and shared digital capabilities across both brands.

Nordic E-commerce Trends Continue Supporting Digital Brands

Consumer Experience Remains Central to Growth

The Nordic e-commerce market continues evolving as direct-to-consumer brands compete through customer experience instead of physical retail footprints. Research involving 104 Swedish Millennials identified website usability as the most important online shopping factor, receiving an average score of 4.28. Clear product information followed with a score of 3.96, while payment security received 3.55, reinforcing the importance of trust in digital commerce.

Although marketplaces represent only about 5% of Nordic e-commerce compared with 29% to 44% across several Western European markets, direct brand relationships remain highly valuable. Companies like RVRC and ICANIWILL have successfully built customer loyalty through digital marketing, product specialization, and community engagement.

Disclaimer:

The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.