Palamon Capital Partners, a pan-European growth investor, has acquired a majority stake in leading international brand of design socks Happy Socks. The transaction values Happy Socks at SEK 725 million (around £67 million), with SEK 40 million of growth capital being injected to support the continued expansion of the business.
Founded in 2008 in Sweden by Mikael Söderlindh and Victor Tell, Happy Socks is sold in more than 90 countries through more than 10,000 points of sale, supported by a fast growing online channel and an expanding portfolio of own-branded retail stores. The brand has disrupted the global market by offering high quality, attractively priced, colourful patterned socks promoted through creative point of sale displays, celebrity collaborations and a strong social media presence.
Ricardo Caupers, Partner of Palamon Capital Partners, said: “We are delighted to be investing in Happy Socks, the original fashion sock brand offering high-quality socks for every occasion, mindset and style. We are thrilled to partner with founders Mikael Söderlindh and Victor Tell and look forward to supporting Happy Socks in fulfilling its global growth potential.”
Mikael Söderlindh, Co-Founder of Happy Socks, 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.”