Happy Socks acquired by Palamon Capital Partners
Swedish innerwear brand Happy Socks has a new owner. Palamon Capital Partners announced on Monday that it has acquired a majority stake in Happy Socks. It takes back shares from Scope Growth III. This transaction values Happy Socks at $81 million, or SEK 725 million.
Palamon also gave $4.5 million, or SEK 40 million, in funding to Happy Socks to help expand the business.
Founded by Söderlindh and Victor Tell in 2008, Happy Socks offers innerwear such as socks and underwear for men and women. The brand has collaborated with the likes of Iris Apfel, French artist André, rapper Snoop Dogg, online personality PewDiePie and brand Billionaire Boys Club among others.
Söderlindh commented, “In the last two years Happy Socks has grown beyond our expectations. We have transformed the company into a real growth engine by strengthening our operational platform and our global presence. We have achieved the best of both worlds by securing a strong new partner in Palamon and remaining significant owners in a great business that we will continue to build in the years to come.”
Happy Socks products are available in over 90 countries, and in 2016, the brand achieved €100 million, or $106.4 million, in retail sales. Following the acquisition, Söderlindh and Tell will remain actively involved with the brand.
Happy Socks is Palamon’s latest investment joining brands and retailers Dress-for-Less, Feelunique.com, Il Bisonte, and The Rug Company.
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