Women’s intimates’ brand KNIX sells majority stake to Essity
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Acton Capital Press
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July 15, 2022
Toronto/Stockholm/Munich, July 8, 2022 – New chapter on Knix’ growth journey to redefine intimates: global hygiene and health company Essity acquires 80% of Knix Wear Inc., the leading inclusive brand for women’s intimates in North America. The purchase price amounts to USD 320m on a cash and debt free basis for 80% of the company. Acton Capital will sell all its shares to the new majority shareholder. The transaction is subject to customary regulatory approvals and is expected to be finalized in the second half of 2022.
Knix Wear, Inc. was founded in 2013 by CEO Joanna Griffiths with the mission to redefine intimates. Bootstrapped as a wholesale model, the company went online as a direct-to-consumer brand three years later. In 2019, Knix announced its first institutional VC funding led by European venture capital investor Acton Capital, followed by a double-digit million round only two years later. Today, the company has a strong presence in both the US and Canada and sells exclusively direct to consumer through online channels and supplemented by their six Knix retail stores.
Hannes Blum, partner of Acton Capital said in Canada: “When we made our initial investment, we weren’t aware of a global pandemic waiting round the corner. But we were certain to team up with an exceptional founder and an excellent business.”
“Under her lead, Joanna Griffiths has developed Knix into a stellar inclusive brand.” -- Hannes Blum, Acton Capital
“Thanks to her drive, dedication, and commitment, she made Knix a true disrupter of the apparel establishment. We are very happy that she chose us to be part of Knix’ journey and we’re convinced, she will put her company on the global map.”
“Thank you to the entire Acton Capital team and especially Christoph Braun and Hannes Blum for their belief in Knix, support of my personal growth and development and being incredible partners at every step along the way. They taught me to trust my instincts and to believe in what’s possible. That is a gift that I will carry with me forever,” says Knix founder and CEO Joanna Griffiths.
Knix and their teen brand, Kt by Knix, offer a broad assortment of intimate apparel with leading positions in the growing washable absorbent underwear category. In 2021, the company reported net sales of CAD 134m and a sales growth of 97%. The EBITDA amounted to CAD 13.8m. Knix has more than 200 employees and is headquartered in Toronto, Canada.
Knix’ new shareholder Essity is a leading global hygiene and health company whose sales are conducted in 150 countries (€ 12bn in 2021) under leading global brands like TENA, Tempo, Zewa, Leukoplast, and Tork. The company’s headquarter is located in Stockholm, Sweden, and Essity is listed on Nasdaq, Stockholm. “I am delighted to welcome Knix to Essity. It’s a successful company with an impressive track record. Essity is now becoming the global market leader in leakproof apparel, which is an important step towards our goal of being the world’s fastest growing company in Intimate Hygiene, providing increased well-being for customers and consumers,” says Magnus Groth, President and CEO of Essity.
“As a pioneer in the reusable leakproof underwear category, it is a dream come true to partner with Essity. We both share the same goals of improving our customers’ lives and having a positive impact in the communities in which we serve,” says Joanna Griffiths, founder and CEO of Knix.
“I am thrilled to begin this next chapter together and continue to build upon Knix’s terrific growth and momentum.” -- Joanna Griffiths, Knix
