New Wave Group acquires Swedish outdoor brand Tenson

New Wave Group has acquired 100 percent of the shares of Swedish outdoor and lifestyle brand Tenson.

Founded in Varberg in 1951, Tenson has been undergoing a restructuring and repositioning process over the past four years, encompassing its brand, product, marketing, sales, and channel strategies.

New Wave Group, also a Swedish business, said the acquisition of Tenson will give the brand access to the resources and synergies required to scale up operations and boost profitability.

In 2022, Tenson made sales of roughly 130 million Swedish krona (11 million euros) and a loss after tax of around 8.5 million Swedish krona (0.72 million euros).

New Wave Group said the acquisition is not expected to have any “major impact” on the result during the second half of 2023, but is expected to have a positive impact in 2024.

“The purchase is based on equity at closing on July 1 2023 of at least 6.53 million Swedish krona, where the brand is booked at approximately 31 million Swedish krona,” New Wave Group said.

Göran Härstedt, New Wave Group's senior vice president, said Tenson “fits perfectly” into the group’s sports and leisure business and its expansion of the outdoor segment.

He said in a statement: “The synergies resulting from the acquisition of Tenson will create opportunities for rapid growth both in terms of sales and profitability, not least as we add another sales channel (promo) for Tenson and great opportunities for geographic expansion within both sales channels.”