Wellstreet portfolio company ICANIWILL acquired by RVRC Holding (RevolutionRace)

Stockholm, 9 July 2026.  Wellstreet, the Nordic early-stage venture capital firm, today announces that its portfolio company ICANIWILL AB ("ICIW"), a leading Swedish training apparel brand, has been acquired by RVRC Holding AB (publ) ("RevolutionRace"), the Nasdaq Stockholm-listed outdoor and sportswear group. Under the agreement, RevolutionRace has acquired 90.1% of the shares in ICIW, with an option to acquire the remaining stake at a later stage.

The transaction values 100% of ICIW at an enterprise value of SEK 700 million on a cash- and debt-free basis, payable at closing, with the potential for an additional earn-out of up to SEK 175 million tied to ICIW's EBIT performance for the 2026 and 2027 financial years.

ICIW was founded in Sweden in 2012 by Gustaf Ollas and has, under the leadership of CEO Anders Wallstedt since 2018, grown into one of the Nordics' most recognised training apparel brands. Over the twelve months to 30 June 2026, the company reported net revenues of approximately SEK 470 million, a compound annual growth rate of roughly 37% since 2019, and an adjusted EBIT margin of around 16%. Wellstreet has been an investor in ICIW through its Ventures I fund.

Following the transaction, ICIW will continue to operate as a standalone brand under its existing name, leadership and identity. Anders Wallstedt remains CEO of ICIW and will also join RevolutionRace's management team, ensuring continuity for the brand as it enters its next phase of growth across the Nordics and Europe.

Maria Lindholm, CEO at Wellstreet, comments:

"ICIW has been an outstanding example of what disciplined, founder-led growth can achieve. We have worked closely with Anders and the team, as well as the Board, throughout this process, and we are very pleased with the outcome for our investors and for ICIW's continued journey. Finding a partner like RevolutionRace, with a strong operational platform and a genuine understanding of the D2C model, sets ICIW up well for its next chapter."

About ICIW‍

ICIW is a Swedish premium performance training apparel brand founded in 2012 and headquartered in Stockholm. Built on a "true to training" philosophy, ICIW designs and sells apparel for gym, cardio, yoga and athleisure, sold primarily direct-to-consumer alongside a growing European wholesale network and a retail store in Helsinki. The company has an extensive network of gym partners across the Nordics and DACH region and a strong social media presence.

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