NEW WAVE GROUP AB (PUBL) acquires TENSON

STOCKHOLM, June 30, 2023 /PRNewswire/ -- New Wave Group has today acquired 100% of the shares in the Swedish outdoor company Tenson AB.

Tenson AB, the Swedish outdoor & lifestyle brand with roots from the Swedish west coast (founded in Varberg 1951) has over the past four years undergone a restructuring & repositioning process that included the entire spectrum regarding brand, product, marketing, sales and channel strategies. Through the acquisition and integration of the company, New Wave Group will give Tenson access to the resources and synergies required to enter the next phase of the above-mentioned process - to scale up operations and profitability.

In 2022, the Tenson Group's sales amounted to approximately SEK 130 million with a loss after tax of approximately SEK 8.5 million. The purchase price amounts to SEK 1 based on equity at closing on the 1^st of July 2023 of at least SEK 6.53 million, where the brand is booked at approximately SEK 31 million. 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 on New Wave Group's result already in 2024.

Göran Härstedt, New Wave Group's 1^st Senior Vice President, comments the acquisition:

"Tenson fits perfectly into our Sports & Leisure business and our endeavor to expand within the outdoor segment. 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."

Jens Petersson, New Wave Group's Business Area Manager for Sport & Leisure, also sees a bright future:

"With this acquisition, we are seriously entering the outdoor segment where we have been looking for a suitable acquisition for a long time. In Tenson, we get an authentic outdoor brand with a rich history and a modernized platform in terms of brand position, product range and established sales channels. Tenson complements our existing brands in a natural way. In addition, we hope Tenson will have a speedy journey with us through our established distribution and contact network both in Sweden and globally."

Tenson AB will be part of the Sports & Leisure operating segment with a primary focus on the retail sales channel.

FOR MORE INFORMATION, PLEASE CONTACT:

1^st Senior Vice President
Göran Härstedt
Phone: +46 703 62 56 11
E-mail: [email protected]

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SOURCE New Wave Group