In the Nordic market, the newly acquired subsidiary is almost as large as the parent company in terms of net sales. During the twelve-month period ending June 30, Revolutionrace generated SEK 478 million in the Nordics, while Icaniwill reached SEK 387 million. During the second quarter of this year, the difference in the Nordics was only SEK 10 million, with Revolutionrace topping SEK 108 million.
In the DACH region (Germany, Austria and Switzerland), however, the picture is completely different. Here, Revolutionrace generated SEK 1.17 billion during the same period, compared to Icaniwill's SEK 63 million. The difference highlights Icaniwill's clear potential for European expansion.
By joining RVRC Holding, we get the platform to take the next step – to expand faster in Europe, commented Icaniwill CEO Anders Wallstedt when the acquisition was presented.
Pro forma figures also show that Icaniwill has a slightly higher gross margin than Revolutionrace, 72.1 percent compared to 70.5 percent for the full year. However, in terms of operating margin (EBIT), Revolutionrace remains the most profitable segment with 21.6 percent compared to Icaniwill's 14.8 percent.
Finally, RVRC announces that the transaction costs for the acquisition are estimated at approximately SEK 21 million. This one-time cost will affect the consolidated result in the upcoming interim report.
ALSO READ: Now they are finished with the big deal