Investors buy Kwintet
Kwintet AB, the European leader in workwear, announces that a consortium of investors led by Michael Hauge Sorensen and Christian Dyvig, acquire the shares of Kwintet AB (“Kwintet” or “the Company”) from its majority shareholder, IK Investment Partners.
“The Group has a leading position in Europe and many strong brands. This offers us a solid base to keep building from,” said Michael Hauge Sørensen, Chairman of the Board.
“Furthermore, and to emphasise our focus on brands, product excellence and customers as well as to underline our Scandinavian heritage, we plan to re-name the Group to Fristads Kansas and we are looking forward to continuing the work of strengthening the business,” said Michael Hauge Sørensen.
“Confronted with a challenging environment, we have worked together with the Company and its key stakeholders including senior lenders to stabilise the business and secure its future. The agreement will provide Kwintet with a long-term solution in the best interest of the business and its employees and we wish them all the best for the future,” said Thomas Klitbo at IK Investment Partners.
For enquiries, please contact:
Michael Hauge Sørensen, Chairman of the Board
Phone: +46 40 664 10 64
Sweden +46 70 892 66 16, Denmark +45 2896 510
IK Investment Partners
Charlotte Laveson, Communications Director
Phone: +44 207 3047136
End of January 2020, Fristads Kansas Group sold Bragard to the American Group Chef Works.
• Successful turnaround of the Group with positive net income in 2016
• Re-introduction of Fristads as stand-alone workwear brand
Fristads Kansas, one of the largest workwear brands for construction and industry, reports a growth of 6 percent for the full year 2015. Operating profit (EBIT) amounted to 5.9 MEUR and Fristads Kansas maintained strong market positions in its home markets Sweden and Denmark, and grew in a number of other markets. At the same time, the Fristads Kansas Group, showed a strong positive trend.
During March 2016, Fristads Kansas Group sold Lafont to the French workwear and PPE group Cepovett.