Slovenian Elan gets new owner – Finnish company succeeds Russians

The Slovenian producer of sporting goods Elan, well known for its skis, has been sold to the Finnish fund KJK, headquartered in Luxembourg.

The transaction should be finalized in mid-2019 if the Slovenian Commission for Protection of Competition gives its approval, the Slovenian agency STA reports.

Elan's press release says that its owner, Wiltan Enterprises, which operates within the Russian fund VR Kapital, has signed an agreement on the sale of a direct stake to KJK Fond III.

In July 2015, Wiltan Enterprises bought Elan from state owners after years of financial problems.

Since 2015, Wiltan Enterprises has reinvested nearly EUR 10 million in Elan, and despite the fear of layoffs under the new financial investor, the number of employees at Elan has increased to around 800, STA reminds, citing an earlier statement made by the company CEO, Jeffrey Tirman.

Wiltan Enterprises announced the sale of Elan this spring.

Elan, which has been producing sporting equipment for over 70 years, posted an income of EUR 82.5 million, 15% more than a year before, as well as a larger operating profit.

The new owner, founded this year with EUR 250 million of private capital, focuses on investments in the Balkans and the Baltic states and is already present in Slovenia through investments in several companies, the Slovenian agency adds. It belongs to KJK management, also headquartered in Luxembourg and founded in 2010.

Elan Inventa d.o.o. Slovenija

KJK Management Finska

Elan Begunje

KJK

KJK Management

Wiltan Enterprises

VR Kapital

Jeffrey Tirman

skis

sale of Elan