RVRC Holding AB (RevolutionRace) acquires ICANIWILL AB
for $82m

RevolutionRace’s acquisition of ICANIWILL for $72 million (SEK 700 million enterprise value) strategically positions the acquirer to expand its footprint in Nordic and European markets through a leading Swedish training apparel brand. This move addresses RevolutionRace's need to diversify beyond outdoor gear into high-growth segments like performance training wear, leveraging ICANIWILL’s strong direct-to-consumer (D2C) model and social media presence. The deal involves an earn-out of up to SEK 175 million tied to ICIW's EBIT performance over two years, aligning incentives between the seller and buyer for future growth. The acquisition shifts competitive dynamics in the Nordic sports apparel market by enhancing RevolutionRace’s product portfolio and brand equity, potentially outpacing rivals such as Adidas and Nike that lack a strong presence in specialized training wear. ICANIWILL’s robust growth trajectory—reporting SEK 470 million in net revenues for the year ending June 2026 with a compound annual growth rate of approximately 37% since 2019—underscores its strategic importance to RevolutionRace. Post-close, key risks include successful integration of ICANIWILL’s D2C and retail operations into RevolutionRace's broader ecosystem, maintaining the brand’s high EBIT margins amid competitive pressures, and realizing the earn-out targets. Growth vectors post-acquisition are likely to focus on leveraging ICANIWILL’s European wholesale network for further geographic expansion and optimizing digital marketing efforts to sustain rapid revenue growth.