STOCKHOLM (BRAIN) MIPS has acquired all shares of body and head impact protection brand Koroyd for 40 million euros ($46.9 million). Based in Monaco and founded in 2010, Koroyd will continue to operate separately under its current leadership team, said Max Strandwitz, MIPS president and CEO.
Koroyd's portfolio includes sport, motorsport, defense, industry safety, and child restraint systems. MIPS' technology extends to helmets for sports including bike moto, and safety.
Smith and Endura are among the brands that have sold bike helmets using Koroyd.
"Together, I am convinced that this combination will accelerate our diversification strategy," said John Lloyd, Koroyd founder. "Our technologies are naturally complementary and together form a platform that strengthens partners, delivers on the strong demand for both brands, and expands what is possible in protection. Above all, it's the shared values, collaborative mindset, and long-term vision that make this partnership a natural evolutionary step. This shared foundation makes the future extremely exciting, and I couldn't be more enthusiastic to be part of building it."
During the 2024-2025 financial year, Koroyd reported sales of about 11 million euros with an adjusted EBITDA of about 5 million euros. The purchase price amounts to 40 million euros on a cash and debt-free basis, with an additional earn-out of up to 25 million euros if certain performance targets are met. The acquisition is expected to be financed through available cash and a new credit facility.
In March, Fox selected Koroyd as its ingredient partner for its new Enduro Pro Knee Guards. In 2023, Koroyd moved into an expanded headquarters, including a research and development lab.
