Altor acquires a majority stake in oceansapart – continues its long-standing success story within the apparel industry
Altor Fund V (“Altor”) has signed an agreement to acquire a majority stake in Rise Up Fashion GmbH (“oceansapart” or the “Company”) the legal entity owning oceansapart #soulful clothing and enter into a partnership with the owners, founders and management to support the continued growth of the company and the brand. The founders Susanna Wagner and Paul Engelmann will continue in their roles and remain significant shareholders alongside the current shareholders and Altor.
Founded in 2018, oceansapart is the uniquely positioned non-competitive activewear apparel company serving a growing community focused on inclusivity and diversity rather than just sports performance. The activewear designs include leggings, bras, hoodies and activewear accessories targeting mainly female Gen Y and Gen Z customers. Headquartered in Berlin, the Company’s core market comprises the DACH region with recent entries into France, Italy, Poland and Spain. Its success is centered around clear product design, digital and influencer led marketing driven by a powerful analytics platform. The Company more than quadrupled its revenues in 2020 and has continued to grow in 2021.
“We have a clear vision to become the global activewear brand for the new generation. We are delighted to have Altor come in as a new majority owner and long-term partner and are excited to expand our digital marketing channels and drive internationalization of oceansapart.” say co-founders Paul Engelmann (CEO) and Susanna Wagner (CPO).
“The investment in oceansapart builds on Altor’s successful investment track-record in the apparel and direct-to-consumer market. Altor has recently made an IPO of RevolutionRace, the online direct-to-consumer outdoor sports apparel company, on the Nasdaq Stockholm stock exchange. We have invested across a broad range of direct-to-consumer and sportswear apparel brands, including Helly Hansen, Rossignol, iDeal of Sweden or Network of Design. The whole Altor team is excited about this investment and to partner with such a fast growing and dynamic company.” says Klas Johansson, Partner and Head of DACH Altor.
“Focusing on inclusivity, oceansapart is a uniquely positioned direct-to-consumer athleisure company. Its profitable growth track-record is truly impressive - having expanded into five countries within its first four years already. We are excited to partner with the founders on their continued internationalization journey.” says Giovanna Maag, Partner in Altor’s Zurich office.
Altor will partner with a value creating investor. The completion of the investment remains subject to review and approval from relevant authorities.
For more information, please contact:
Tor Krusell, Head of Communications at Altor, tor.krusell@altor.com, +46 705 43 87 47
About Rise Up Fashion
Rise Up Fashion is the legal entity owning the brand oceansapart #soulful clothing which is a fast-growing direct-to-consumer brand, uniquely differentiated with a focus on non-competitive sports. The Company was founded by Susanna Wagner and Paul Engelmann and launched in January 2018. oceansapart markets its activewear with a strong focus on social and digital marketing in Western and Central Europe. For more information please visit: www.oceansapart.com
About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 75 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Revolution Race, Totême, iDeal of Sweden, Rossignol, and Helly Hansen. For more information visit www.altor.com