A Norwegian investment fund, Herkules IV, has signed an agreement to acquire the majority of the shares in Didriksons, the Swedish functional sportswear company. Described as Norway's leading private equity fund, Herkules IV already owns Odlo, and it wants to expand Didriksons' presence internationally.

Odlo's current chief executive, Jonas Ottosson, who also acted as CEO of Peak Performance for many years, assisted Herkules in the acquisition. He will take a seat on the company's board of directors. Didriksons' CEO, Sören Andreasson, will remain in his post and, along with other key employees, will hold a significant minority interest in the company.

Didriksons originated in 1913 as a manufacturer of oiled garments for fishermen on the west coast of Sweden. It went through a major rebranding from 1998 and is now recognized for its waterproof clothing. Over the past ten years, Didriksons has experienced a sharp increase in turnover, both in Sweden and abroad. The company generated an operating profit of 54 million Swedish kronor (€6.1m-$8.4m) last year on net sales of SEK284 million (€32.1m-$43.9m). It has 45 employees and is represented in 19 countries.

Herkules has a total capital base of over NOK 12 billion (€1.4b-$2.0b) in committed capital from Norwegian and international investors. The closing of Didriksons' takeover is planned to take place by the end of this month.