STOCKHOLM: Mips AB has signed an agreement to acquire all shares in Koroyd SARL and SCP George TFE (together “Koroyd”).
Koroyd is based in Monaco and is a pioneer in the development of advanced impact protection technology for head and body safety, which is complementary to Mips’ technology. During the financial year 2024/2025, Koroyd had sales of approximately EUR 11 million with an adjusted EBITDA of approximately EUR 5 million.
The purchase price amounts to EUR 40 million on a cash and debt-free basis, with an additional earn-out of up to EUR 25 million if certain performance targets are met, corresponding to a multiple of 8x EBITDA and 13x EBITDA, respectively. The acquisition is expected to be financed through available cash and a new credit facility.
“The acquisition of Koroyd marks another important step in Mips’ long-term strategy to strengthen our position as the leader in helmet safety. 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”, says Max Strandwitz, CEO and President of Mips.
“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”, adds Max Strandwitz.
“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”, says 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. This shared foundation makes the future extremely exciting, and I couldn’t be more enthusiastic to be part of building it”, adds John Lloyd.
Koroyd was founded in 2010 around the mission of engineering a safer tomorrow. Today its technology portfolio has diversified into a multi-dimensional energy management platform that spans head protection, body and hand protection in verticals that include sport, motorsport, defence, industrial safety and child restraint systems.
Koroyd’s tireless pursuit of smarter, safer and more sustainable protective solutions underpins its 99 granted patents and award-winning innovations. From its original, transformative impact absorption technology to the leading-edge safety solutions under development in its state-of-the-art laboratory, Koroyd offers scientifically researched, rigorously tested and user validated integrations to brand partners, with optional full-scope design and development consultancy. Since its incorporation 15 years ago, Koroyd has achieved continuous growth year after year, reinforcing its position as the leader in impact protection. Koroyd is engineered for advanced protection and designed for peace of mind.