It is now formally confirmed that Revolutionrace is adding acquisitions to its growth strategy by purchasing Icaniwill. The initial purchase price is based on a valuation of 700 million Swedish krona on a cash and debt-free basis for the entire company.
Depending on Icaniwill’s financial performance (EBIT) during the calendar years 2026 and 2027, the sellers may receive an additional up to 175 million Swedish krona. The acquisition is expected to contribute to increased earnings per share for Revolutionrace already during the 2026/2027 financial year.
Confirms Earlier Rumors
The deal is in line with the information that circulated in the spring. In March Ehandel.se reported that the investment bank DNB Carnegie had been tasked with sounding the market for a sale of Icaniwill, where the expected valuation was between 800 million and one billion Swedish krona.
Icaniwill has demonstrated stable growth and profitability in recent years. For the twelve-month period ending June 30, 2026, net sales amounted to approximately 470 million Swedish krona with an adjusted operating profit (EBIT) of around 73 million Swedish krona, corresponding to an operating margin of 16 percent.
We have developed an M&A framework that focuses on brands with a direct-to-consumer model, operating in adjacent product categories, that deliver high growth and strong profitability. ICIW meets all our M&A criteria, says Paul Fischbein, CEO of RVRC Holding.
Financing Through Cash, Credit and Shares
Completion is expected in July 2026. Revolutionrace is financing the purchase of the 90.1 percent shareholding through a combination of existing cash, increased credit facilities and transfer of its own shares. The company’s revolving credit facility is being increased in connection with this from 600 million to 900 million Swedish krona.
As part of the transaction, Icaniwill’s CEO, Anders Wallstedt, will receive over 700,000 shares in Revolutionrace, which are subject to a twelve-month lock-up period. Other sellers who are not employees of the company will receive shares with a six-month lock-up.
To Operate as a Separate Company
According to the agreement, Icaniwill will continue to operate as a separate brand with its own identity. Anders Wallstedt will remain CEO of Icaniwill and will also join Revolutionrace’s management team. The remaining 9.9 percent of the shares in Icaniwill are held by Wallstedt and other key personnel, with the possibility of redemption through put and call options after the 2028 financial year.
By joining RVRC Holding, we get the platform to take the next step – to expand faster in Europe, reach more customers and continue building the brand we have always believed ICIW can become, says Anders Wallstedt.
Both parties see opportunities for synergies and knowledge sharing. Revolutionrace showed a growth of 7 percent in the DACH region (Germany, Austria, Switzerland) during its latest quarter – a region where Icaniwill is also currently growing and which today accounts for 13 percent of their sales.
The focus going forward is on utilizing Revolutionrace’s established logistics and reach in Europe, which the company recently strengthened through the establishment of a new automated logistics center in Stockholm, to facilitate Icaniwill’s continued expansion.