MCF supports shareholders of rapidly growing hunting app WeHunt in its sale to Open Air Group
WeHunt Nordic AB (“WeHunt”), the Nordic’s leading hunting app, has been acquired by Open Air Group AB (“Open Air Group”), a specialist in hunting, dogs and outdoor activities owned by the Swedish investment groups Nalka Invest and Mellby Gård. The transaction brings together Open Air’s sector expertise and WeHunt’s high quality, intuitive app, used by over 300,000 hunters. MCF acted as adviser to WeHunt in the transaction, continuing its successful track-record of supporting rapidly growing, privately owned business to maximise valuation through sector expertise and support throughout the entire process.
The Deal
Open Air Group is a Scandinavian leader in products for hunting, dogs and outdoor. Its subsidiaries include Chevalier, Alaska Brands, Widforss.se and Retkitukku.fi, as well as well-known Finnish GPS equipment specialist Tracker.
MCF supported WeHunt in reviewing its strategic options, ultimately finding the right partner in Open Air Group. MCF’s experience in working with software-as-a-service businesses helped ensure that the transaction reflected the value of the company’s recurring revenue streams and growth potential.
The acquisition of WeHunt adds an additional growth engine for Open Air Group and brings together WeHunt and Tracker’s offering of software and hardware designed to make hunting safer and simpler.
The Target
WeHunt is the Nordic’s biggest hunting app, allowing hunters to access and share maps, plan hunts, see other hunters in real time and track dog GPS devices. Based in Katrineholm, WeHunt has been a remarkable success story and has grown its userbase from 30,000 hunters in 2016 to over 300,000 today. The app is now a de facto standard for hunters across the Nordics. With users in over 100 countries, the company is in pole-position for international expansion. WeHunt’s success story demonstrates how digitalisation continues to shake old norms – hunters no longer need paper maps and large radios; WeHunt provides a rich user experience direct on each hunter’s mobile device.
Current owners of WeHunt include CEO Theodor Storm, other employees and a list of well-credentialled investors, including senior investor Gerard De Geer and serial tech investor Lars Lindgren. The company’s revenue has grown closely with the increase in its user base. In 2020, Deloitte included WeHunt in its ranking of Sweden’s 50 fastest growing tech companies.
Client Statement
Theodor Storm, CEO of WeHunt, said: “I am very proud of how WeHunt has developed and I am excited to continue at full speed together with Open Air Group. We have worked with Open Air Group and are convinced that they are the right partners for us to continue to grow and to offer digital solutions that make hunting safer and easier. MCF has been a terrific partner throughout the entire process; from the biggest strategic questions about WeHunt’s future to the most detailed analysis.”
About WeHunt Nordic AB
WeHunt is the Nordics’ most widely used digital platform for simpler and safer hunting. Its software makes hunting easier and safer by allowing hunters to access and share maps, plan hunts, see other hunters in real time and track dog GPS devices. The company has grown rapidly and has been named one of Sweden’s 50 fastest growing tech companies in 2020.
About Open Air Group
Open Air Group is a Scandinavian leader in products for hunting, dogs and outdoor. It is owned by Swedish investment groups Nalka Invest and Mellby Gård. Its subsidiaries include Chevalier, Alaska Brands, Widforss.se and Retkitukku.fi, as well as well-known Finnish GPS equipment specialist Tracker.
