FSN Capital and Verdane agree investment in Active Brands to support new phase of growth

Oslo, February 21, 2022

Verdane, the European specialist growth equity investor, and FSN Capital, the Northern European private equity firm, have announced an agreement to invest in Active Brands, a fast-growing house of premium outdoor sports apparel and equipment brands headquartered in Oslo, Norway. The investment will strengthen Active Brands’ leadership position in the outdoor industry and support continued international expansion and M&A. As part of the transaction, FSN Capital, which first partnered with Active Brands in 2017, will remain invested in the Company, while Verdane will become a new significant minority shareholder. The transaction is subject to approval from relevant authorities.  

Founded in 2009, Active Brands is a house of brands focused on the premium outdoor sports apparel and equipment market segments. It has evolved from a Norwegian brand incubator to an international brand accelerator, having strengthened its operations and expanded distribution outside its Norwegian home market during its initial growth journey with FSN Capital. The Company had sales of more than 1.35 billion NOK in 2021. Active Brands’ portfolio includes Norway-based brands such as Kari Traa, Sweet Protection, Johaug, Dæhlie, Bula, Åsnes and Vossatassar. With Verdane and FSN Capital as partners, Active Brands is expected to continue on its highly attractive organic growth path, which will now be further complemented by the Company’s strategic M&A ambitions.  

FSN Capital and Verdane will seek to drive an active ownership agenda, working closely with CEO Christophe Merkel, who joined Active Brands from Nike in March 2021 to further internationalise and digitalise the business. The Company will benefit from the support of Verdane’s digital growth expertise, including its in-house operational expert team Elevate, which will help accelerate the company’s e-commerce growth and strengthen related back-end digital capabilities. 

Eskil Koffeld, Principal at FSN Capital, commented: “Active Brands is now equipped for a significant acceleration in its development, with a continued push into international markets and an accelerated shift toward digital channels. With Verdane’s growth focus and digital consumer experience, Verdane is seen as an ideal partner to FSN VI to contribute to the next growth phase of Active Brands. FSN Capital VI looks forward to a successful collaboration together with CEO Christophe Merkel and his team.”  

Hanna Eiderbrant, Principal at Verdane, commented: “We are excited to embark on this growth journey with the teams at Active Brands and FSN, and look forward to contributing with digital growth expertise, internationalisation experience, and local networks across Europe. Together with FSN, Active Brands has positioned itself as a leading, sustainable brand accelerator for outdoor sports brands globally, and we are pleased to now join the next stage of this exciting transformation.” 

Christophe Merkel, CEO of Active Brands, commented: “With the active ownership and support from Verdane and FSN Capital, we are confident we can further accelerate the fantastic growth journey we have experienced so far across all our brands, always at the service of an active lifestyle in the outdoors for professional and everyday athletes around the world.” 

Verdane will invest through Verdane Edda II, alongside FSN Capital VI. Verdane’s role as a third party investing together with FSN Capital VI and existing shareholders was key to enabling a robust valuation process, as FSN Capital IV exits its holdings in the company. FSN Capital VI will be the majority shareholder in the company, while Verdane Edda II will have a significant minority holding.  


About Active Brands 

Active Brands is a fast-growing house of premium sports apparel and equipment brands. Through our brands, we inspire an active lifestyle in the outdoors for professional and everyday athletes. The brand portfolio consists currently of Kari Traa, Dæhlie, Sweet Protection, Johaug, Bula, Åsnes and Vossatassar. Founded in 2009, Active Brands has evolved from a Norwegian brand incubation platform to a global brand accelerator with a strong international footprint. 

About FSN Capital 

Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and investment advisor to the FSN Capital Funds, with €4 billion under management. FSN Capital Funds make control investments in growth-oriented Northern European companies, to support further growth and to transform companies into more sustainable, competitive, international, and profitable entities. Our ethos, “We are decent people making a decent return in a decent way” defines our core values. We are committed to being responsible investors and having a positive environmental and social impact across our portfolio.  FSN Capital Partners has a team of 68 across Stockholm, Oslo, Copenhagen and Munich, in addition to 9 executive advisors with extensive industry experience. Learn more about FSN Capital on: 

About Verdane 

Verdane is a specialist growth equity investment firm that partners with tech-enabled and sustainable European businesses to help them reach the next stage of international growth. Based on a belief in the transformative power of private equity, we work with all our portfolio companies to be part of the solution to global challenges for both people and the planet. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy behind three core themes; the Digital Consumer, Software Everywhere and Sustainable Society. Verdane funds hold €3.6bn in total commitments and have made over 135 investments in fast-growing businesses since 2003. Verdane’s team of over 90 investment professionals and operating experts, based out of Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled and sustainable businesses in Europe. More info:   

For more information, please contact the following persons at FSN Capital Partners (investment advisor to the FSN Capital Funds): 

Eskil Koffeld, Principal  

Morten Welo, Partner & COO/IR 

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FSN Capital Partners AS
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