Outdoor Brand Mammut Acquired by Chinese Capital

Mammut, the outdoor brand born at the foot of the Alps, is set to welcome a new Chinese owner.

On July 30, CPE Yuanfeng, a Chinese private equity firm, announced it has signed a share purchase agreement with European investment firm Jacobs Capital to acquire Mammut Sports Group AG, the parent company of the Mammut brand.

According to a report by Pencil News on the 4th (Tuesday), the transaction price has not been disclosed but is expected to close within months. On the day of the announcement, Germany’s Handelsblatt cited a source familiar with the deal, stating the previously discussed market price was around 600 million euros.

Founded in 1862, Mammut began as a rope workshop at the foot of the Swiss Alps, specializing in climbing ropes.

Over 160 years later, it has become one of the top symbols in the global professional outdoor sector, with product lines covering technical outdoor apparel, performance footwear, climbing equipment, and avalanche safety gear.

Mammut’s last ownership change was in 2021, when Swiss industrial group Conzzeta sold the brand to Telemos Capital, later integrated into Jacobs Capital. Mammut’s 2020 sales amounted to 218 million Swiss francs, with an enterprise value of approximately 230 million Swiss francs—roughly equivalent to one year’s revenue.

Within the outdoor industry, this revenue scale is not particularly large.

Over the following five years, Jacobs Capital undertook a comprehensive transformation of Mammut.

It upgraded digital infrastructure, repositioned the brand, strengthened supply chains and operations, and expanded direct-to-consumer channels and overseas markets. At the time of this sale, Mammut’s revenue has achieved double-digit compound annual growth, with markets outside Europe contributing over half of total sales. EBITDA margins have more than doubled since 2021.

Mammut officially entered the Chinese market in 2013, with slow initial growth, but has experienced explosive expansion in the past three years: 85% sales growth in China in 2023, 97% in 2024, and maintaining over 80% growth in 2025.

Huaxi Securities notes that Mammut’s annual sales in China have already approached the 2 billion yuan mark.

Heiko Schäfer, Mammut’s Global CEO, previously projected that China could surpass the United States to become Mammut’s largest single market by 2026 or 2027.

Earlier this year, market reports indicated Jacobs Capital aimed to sell Mammut at a valuation exceeding 500 million euros. Ultimately, CPE Yuanfeng secured the acquisition.

“These overseas outdoor brands, including Jack Wolfskin, Mammut, and some under the Amer Sports portfolio, often possess solid brand value and recognition within specific communities. For Chinese capital, the core appeal lies in China’s massive market size combined with these brands’ existing consumer awareness. Leveraging China’s channel capabilities and supply chain efficiency, further growth can be amplified,” said Chen Diandian, founder of ECO K Sports and sports analyst.