On July 16, USWE Sports, a company founded in Skåne, Sweden, in 2007, signed an agreement to acquire VOID Cycling, founded in Gothenburg in 2014, from Tenson and Color Group. Both USWE and VOID are strong in e-commerce and have each established a global presence. The merger follows a collaboration that started earlier this year to design a collection of backpacks and cycling apparel for the MTB market, which will be launched in the spring of 2022. The transaction is priced at 10 million Swedish kronor (€975,863-$1.2m), with a possible earn-out of up to SEK 4 million (€390,345-$460,818) based on the result of the pre-sales for the spring/summer 2022 season. In the current year, VOID Cycling is expected to generate sales of approximately SEK 8 million (€780,691-$921,637). USWE believes that VOID Cycling has good prospects for further growth, in line with USWE’s target to grow by more than 40 percent annually. The acquisition follows USWE’s strategy of establishing a strong brand presence with hydration packs and then expanding the product range for the established target group, both through e-commerce and international distribution channels. USWE went public on the Nasdaq First North Growth Market on June 24 of this year. Tenson acquired VOID 2020 from WearColour, a Swedish brand of anoraks, ski jackets and pants that filed for bankruptcy in Febuary 2020 and was then renamed to Colourwear, its original brand name. Tenson then partnered with the remaining Colourwear team and former Salming Sports executives to restructure the VOID brand.

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