In a EUR 40 million deal, Swedish helmet safety specialist Mips AB has signed a binding, conditional agreement to acquire 100% of the shares in Koroyd. Headquartered in Monaco, Koroyd is a pioneer in advanced impact protection technology for head and body safety, which is complementary to Mips’ mission. “The acquisition of Koroyd marks another important step in Mips’ long-term strategy to strengthen our position as the leader in helmet safety,” says Max Strandwitz, CEO and President of Mips. “This acquisition positions the group uniquely in the market and enables interesting entries into other adjacent product areas. The acquisition is in line with our strategy and also serves as a springboard into adjacent product safety areas.”
“From the beginning, Koroyd has been built on a culture of purposeful innovation, solving real problems with solutions that genuinely improve protection whilst putting the user experience first. In Mips, we have found a partner who shares that ethos entirely”, adds John Lloyd, Founder of Koroyd. “Together, I am convinced that this combination will accelerate our diversification strategy. Our technologies are naturally complementary and together form a platform that strengthens partners, delivers on the strong demand for both brands and expands what is possible in protection. Above all, it’s the shared values, collaborative mindset and long-term vision that make this partnership a natural evolutionary step.”
Strandwitz concludes, “The brands will continue to operate separately under their respective strong leadership teams, but we jointly see exciting synergies, especially in product development and marketing, as well as in the strength of combining knowledge from two fantastic innovation-driven companies. This acquisition expands our offering in advanced protection solutions and helps us continue to drive the development of safer products for consumers and professional users.”
The purchase price amounts to EUR 40 million on a cash and debt-free basis, with the possibility of an additional earn-out of up to EUR 25 million if certain performance targets are met. The purchase price corresponds to a multiple of 8x Koroyd’s adjusted EBITDA and 13x Koroyd’s adjusted EBITDA, respectively, for the twelve months ending September 30, 2025. The acquisition is expected to contribute positively to Mips’ earnings per share, EBIT margin, and sales growth on a short and long-term basis.
