HAPPY SOCKS ACQUIRED FOR $81.2 MILLION USD

happy-socks

One of the most popular names in the sock game has been acquired. Originally founded in 2008. Swedens Happy Socks has grown to a behemoth and finished the year with just over $1 million USD in sales for 2016. That type of growth caught the attention of Palamon Capital Partners, who acquired a majority stake in the company worth a reported $81.2 million USD. Co-founders Mikael Söderlindh and Viktor Tell will stay with the company after the acquisition is complete. Söderlindh shared:

“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.”

Palamon’s Ali Rahmatollahi added:

“Happy Socks is a phenomenal company with a very distinctive brand DNS that resonates with consumers around the world. Palamon’s investment stems from the firm’s ongoing effort to identify well-positioned European specialty retail brands with strong growth potential in a global market.”