Swedish outdoor brand RevolutionRace’s parent company, RVRC Holding, is taking its first step into acquisitions, buying 90.1 percent of fast-growing training apparel label ICANIWILL.
RVRC Holding, the digital native outdoor apparel group behind RevolutionRace, has agreed to acquire 90.1 percent of Swedish training apparel brand ICANIWILL (ICIW), with an option on the remaining stake. The deal marks RVRC’s first acquisition and formally adds M&A to a strategy that, until now, relied entirely on organic growth.
The initial price values ICIW at SEK 700 million (€62.5 million) enterprise value, payable at closing, with up to SEK 175 million (€15.6 million) more available through 2026 and 2027 EBIT linked earn outs. If those targets are hit in full, the total consideration implies a multiple of 7.8 times 2027 EV/EBIT; the initial price alone represents 9.5 times adjusted EBIT for the twelve months to June 30, 2026.
ICIW, founded in 2012 and led by chief executive officer Anders Wallstedt since 2018, generated an estimated SEK 470 million (€42.0 million) in net revenue over the past twelve months, a 16 percent adjusted EBIT margin, and 30 percent net sales growth in the most recent quarter, a pace RVRC’s chief executive officer, Paul Fischbein, said mirrors where RevolutionRace stood five to six years ago. The Nordics account for 83 percent of ICIW’s sales, with DACH markets, at 13 percent, its fastest growing region.
RVRC intends to keep ICIW independent, with Wallstedt’s team in place, while using its pan European distribution and operational experience to accelerate the brand’s growth outside Scandinavia.
