A company listed on NASDAQ Stockholm has acquired a Birmingham-headquartered clothing business in a deal worth £33m.
New Wave Group has purchased BTC Activewear with the aim of strengthening its presence in the UK market.
BTC Activewear is a multi-brand distributor to the promotional apparel, corporate wear, workwear, teamwear, schoolwear, and both high-street and online retail markets. In 2021, the company’s turnover reached £53m.
Stephen Pope will continue as chief executive following the transaction.
He said: “BTC Activewear will be able to grow and take further steps together with New Wave Group, where the mix between our understanding of and position in the UK market and New Wave Group’s experience and brands will be an unmatched combination.”
Established in 1990, New Wave Group designs, acquires and develops brands and products for the corporate promotions, sports, gift and interior design sectors.
Torsten Jansson, chief executive and founder, added: “Through this acquisition, we establish New Wave Group as one of the main players on the UK market, which of course feels great.
“In addition, we will add a very attractive and well-run company to our company group, as well as invaluable industry knowledge that will benefit all New Wave Group companies.”
Squire Patton Boggs advised New Wave Group, led by corporate partner Geoff Perry with support from associates Indy Bening and Leyla Parvizi.
Perry said: “We are pleased to support New Wave Group on this acquisition, which will help further its aim to become Europe’s leading sports wholesaler and supplier of corporate clothing.
“The group will benefit from BTC Activewear’s strong presence in the UK, whilst also expanding its product range and gaining access to new customers.”
