Altor acquires a majority stake in oceansapart - continues its long-standing success story within the apparel industry
STOCKHOLM, Aug. 2, 2021 /PRNewswire/ -- Altor Fund V ("Altor") has signed an agreement to acquire a majority stake in Rise Up Fashion GmbH ("oceansapart" or the "Company") the legal entity owning oceansapart #soulful clothing and enter into a partnership with the owners, founders and management to support the continued growth of the company and the brand. The founders Susanna Wagner and Paul Engelmann will continue in their roles and remain significant shareholders alongside the current shareholders and Altor.
Founded in 2018, oceansapart is the uniquely positioned non-competitive activewear apparel company serving a growing community focused on inclusivity and diversity rather than just sports performance. The activewear designs include leggings, bras, hoodies and activewear accessories targeting mainly female Gen Y and Gen Z customers. Headquartered in Berlin, the Company's core market comprises the DACH region with recent entries into France, Italy, Poland and Spain. Its success is centered around clear product design, digital and influencer led marketing driven by a powerful analytics platform. The Company more than quadrupled its revenues in 2020 and has continued to grow in 2021.
"We have a clear vision to become the global activewear brand for the new generation. We are delighted to have Altor come in as a new majority owner and long-term partner and are excited to expand our digital marketing channels and drive internationalization of oceansapart." say co-founders Paul Engelmann (CEO) and Susanna Wagner (CPO).
"The investment in oceansapart builds on Altor's successful investment track-record in the apparel and direct-to-consumer market. Altor has recently made an IPO of RevolutionRace, the online direct-to-consumer outdoor sports apparel company, on the Nasdaq Stockholm stock exchange. We have invested across a broad range of direct-to-consumer and sportswear apparel brands, including Helly Hansen, Rossignol, iDeal of Sweden or Network of Design. The whole Altor team is excited about this investment and to partner with such a fast growing and dynamic company." says Klas Johansson, Partner and Head of DACH Altor.
"Focusing on inclusivity, oceansapart is a uniquely positioned direct-to-consumer athleisure company. Its profitable growth track-record is truly impressive - having expanded into five countries within its first four years already. We are excited to partner with the founders on their continued internationalization journey." says Giovanna Maag, Partner in Altor's Zurich office.
Altor will partner with a value creating investor. The completion of the investment remains subject to review and approval from relevant authorities.
For more information, please contact:
Tor Krusell, Head of Communications at Altor, tor.krusell@altor.com, +46 705 43 87 47
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