Rossignol Group, one of the world’s leading winter sports groups, and majority owned by the Nordic focused Private Equity Company, Altor, has entered into a binding agreement to acquire Dale of Norway.
Since its origins in 1879, Dale has been known for its high quality wool-based knitwear. The company designs and manufactures its own portfolio of premium knitted garments and accessories, which are distributed directly or through its many global distributions agents. The brand is internationally recognized and products are currently sold in over 25 countries globally with more than EUR 13m of sales. Since 1956, Dale has been the exclusive, official knitwear supplier of the Norwegian National Ski and Winter Olympic Teams. More recently, Dale of Norway has developed the brand from their core of traditional Norwegian knitwear to contemporary collections for sport, outdoor, and fashion. The company is headquartered in Dalekvam, Norway where it has been a cornerstone of the local community and its history.
Bruno Cercley, CEO of Rossignol, said the following: “Rossignol and Dale of Norway share a profound respect for the value of heritage when it is combined with new technology and creative development. With our 110 years, Rossignol’s success has been continuously built on innovation, racing and passion. Dale and its 140 years, is built on the same vision of bringing historic traditions into new and modern fashion. Knitwear is an integral part of our Rossignol apparel line-up, and the addition of Dale is highly complementary. I am impressed with what the management team and the rest of the Dale organization have built and I look forward to expanding our common apparel business through shared know-how, new product development and global distribution. We see great potential in supporting and strengthening Dale in its international expansion, leveraging on both companies’ strong connection with winter resorts and retailers across the world, offering to our customers and consumers a complementary portfolio of apparel and equipment. In addition, Dale’s facilities in Dalekvam and manufacturing expertise can continue to drive Rossignol’s and Dale’s growing knitwear lines. I am truly excited to welcome the Dale organization to Rossignol.”
Hilde Midthjell, CEO and owner of Dale of Norway, said: “After having worked intensely with the turnaround, modernization and expansion of Dale of Norway for several years, creating a profitable company with substantial growth, I am proud to deliver the reins to Altor and Rossignol. Rossignol matches the brand, heritage and production focus at Dale and is in my view the ideal partner for Dale going forward, which has been a deciding factor for me when choosing Altor and Rossignol as the new owner. Rossignol is committed to the same values as us and will continue manufacturing world leading knitwear at Dale, and plans to expand the production with their own knitwear under the Rossignol brand. We also share a common view of strengthening our mutual ties with retailers and winter resorts across the world. At the same time, I know that the very capable employees at Dale will have the best owner to take them and the Dale brand to the next level.”
Closing of the transaction is expected to have taken place by today.
Dale of Norway designs, manufactures, and markets high-end wool garments through a global retail platform. It was founded in 1879 building on Norwegian knitting culture and offers heritage inspired designs, as well as modern fashion and technically advanced garments for an active lifestyle. The company is globally recognised for its premium quality wool products and unique Norwegian brand image. Manufacturing takes place at Dalekvam, Norway, led by an in-house production design team with unique and world leading competence in innovative knitting techniques. The knitting competence has been passed on from generation to generation, with use of only 100% pure premium wool. The manufacturing exploits the renewable and clean energy from the local waterfalls, and raw materials are eco-friendly and sustainable. DoN employs a total of 62 persons at the headquarters at Dalekvam and at the sales office in Vermont, USA.
Headed by Bruno Cercley, the Rossignol Group designs, manufactures, and markets a broad range of winter sporting goods equipment. The Group and its brands provide a continuous year-round experience to their consumers, accompanying elite-level athletes to amateurs in every moment of sporting effort and leisure, from the mountains to the city. Located in the French Alps near Grenoble, the Group’s global headquarters houses a strong portfolio of innovative, complementary brands
including: Rossignol, Dynastar, Lange, Look, Risport, Kerma, TIME Sport, Raidlight, Vertical, and Felt Bicycles. Each has their own storied history and has built their own unique identity, drawing their inspiration from the mountains. Rossignol Group has been majority owned by Nordic Private Equity fund Altor, since 2013.
Since inception, the family of Altor funds has raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.8 billion in more than 40 companies. The investments have been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Helly Hansen, EWOS, Dustin, Skandiabanken, Nordic Trustee, Revolution Race and SATS ELIXIA. Website: www.altor.com