Mammut office
Outside Business Journal

Mammut Sold to British Private Equity Firm

The iconic Swiss outdoor brand’s parent company, Conzzeta AG, sold Mammut to London-based Telmos Capital as part of a planned rightsizing of its portfolio

Mammut office
Eric Smith

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The iconic Swiss outdoor brand Mammut has a new owner after its parent company, Zurich-based Conzzeta AG, followed through on its previously announced divestment plans and sold the gear and apparel maker to private equity firm Telemos Capital.

The transaction, which the publicly traded Conzzeta announced Monday morning, is expected to close by mid-2021.

Financial terms of the deal weren’t disclosed, but the company said in a statement that “the sale price reflects Mammut’s strong positioning as a leading global outdoor brand, as well as the considerable progress it has made in recent years in systematically overhauling the product range, digitalizing the business model and optimizing the cost structure.”

Mammut’s 2020 sales were CHF 218 million (US$238.4 million), and the brand posted a strong first quarter of 2021. Sales of CHF 64.5 million (US$70.5 million) marked increases of 26.9 percent on a reported basis and 28.2 percent on a currency-neutral basis.

“I am proud of our entire team and the successful transformation of Mammut over the last few years,” said Oliver Pabst, Mammut Sports Group CEO. “At the same time, I am very much looking forward to working with Telemos to expand Mammut’s leading position as a Swiss premium brand internationally and to strengthen our purpose: to ‘create a world moved by mountains’ with sustainable, innovative, and digital products and services. With Telemos, we have found a partner who fully supports us in the implementation of our strategy.”

Mammut has been on the market since December 2019, when Conzzeta announced it would divest the brand—the lone asset in its outdoor division—and focus on its other business segment.

At the time, Conzzeta said it didn’t have the “necessary market access outside Europe to realize [Mammut’s] potential in the foreseeable future. Conzzeta is therefore evaluating buyers that meet the required criteria. Depending on the market situation, the sale should be completed by the end of 2020.”

“It was a pleasure and honor for me to accompany the journey of Mammut over the past almost six years,” said Michael Willome, Conzzeta Group CEO. “The Mammut team achieved significant milestones over this period of time, for me most notably the development of the products into a more modern, fresh, and young look and feel whilst still keeping the premium quality and performance features.

“I am especially impressed by the new product ranges for the female clients who finally are fully participating in the rich offerings of Mammut. In addition, the strong push for the digital channels, which results in very high and continued growth through and relevant marketplaces. I wish Oliver Pabst, his team, and all the people of Mammut the very best for the future under new ownership. I am convinced that this next chapter in the long history of Mammut will be a prosperous one.”

Taking Mammut from Public to Private

With the sale, Mammut will transition from its current operational structure as a publicly traded company to one owned by a private equity firm. Based in London, Telemos Capital was founded and is chaired by Philippe Jacobs, who is also co-chairman of Zurich-based Jacobs Holding AG.

While Mammut’s new owner doesn’t have any outdoor brands in its portfolio, according to the firm’s website, Jacobs says the company was excited about working with the 159-year-old brand.

“Mammut, with its rich heritage and strong brand, has achieved significant milestones over the past decades and we are very excited about the future possibilities with the Mammut premium outdoor products and services,” he said.

Mammut has undergone some transition in the U.S. in recent years, primarily with its North American leadership, but it appears to be in steady hands under managing director Kris Kuster, who took over on a permanent basis in early 2019 after being appointed as interim director in the fall of 2018 following the abrupt departure of North American CEO and managing director Joe Prebich.

The brand’s NA operation is based in Williston, Vermont, but in 2019 it opened a key sales and marketing office in Denver to better serve Western U.S. dealers. In 2018, Mammut acquired the digital outdoors platform Mountain Hub.