Procuritas Capital Investors VI (Procuritas) has acquired Polarn O Pyret AB, a Swedish children’s clothing brand, for a SEK330 million (EUR33 million) on a cash and debt-free basis.
Polarn O Pyret, launched in 1976, is internationally recognised forfunctional design and engagement for sustainability.
Polarn O Pyret is headed by Johan Munck, an experienced CEO and driver of change in retail and digital consumer businesses.
“We are excited about having Procuritas as our partner since they share our passion for long-term sustainability,” says Munck. “We have worked hard during the difficult past year to build on our many strengths and increase our focus on e-commerce, and it is testament to the brand’s strength and resilience that we are in a good position to grow. We look forward to working with the Procuritas team to fulfil Polarn O. Pyret’s potential to push boundaries for sustainability in the clothing industry.”
Johan Conradsson, Partner at Procuritas, says: “We have followed Polarn O Pyret for several years and are delighted to have the opportunity to partner with them. The company has a long history and is a Swedish icon for children’s clothes. We share Polarn O Pyret’s values and passion for quality products that can be loved, used, and re-used in a sustainable way. The clothing industry has a big responsibility to improve its climate footprint, which today accounts for as much as 10 per cent of carbon emissions and is the second largest consumer of water supply globally.
“As new owners, we want to continue developing the company as a frontrunner in sustainability – and see great opportunities to transform and grow the business further. We look forward to working with Johan Munck and his talented management team, supporting the company on its future journey.”
After the transaction Procuritas will become the majority shareholder, with Jotunfjell Partners and the management team acquiring a minority stake. The current leadership will continue in the day-to-day management of the company with Johan Munck as the CEO.
Procuritas has acquired Polarn O Pyret from RNB RETAIL AND BRANDS, which owns, operates and develops fashion wear, ready-to-wear clothing, accessories stores and e-commerce. The transaction is subject to approval by the Swedish Competition Authority.