Houlihan Lokey Advises Jacobs Capital

Houlihan Lokey is pleased to announce that Jacobs Capital (Jacobs) has signed an agreement to sell Mammut Sports Group (Mammut), the leading Swiss premium outdoor brand, to CPE, a Chinese alternative asset manager. The transaction was signed in July 2026 and is expected to close in the coming months, subject to customary regulatory approvals and closing conditions. Financial terms of the transaction were not disclosed.

The transaction follows a successful transformation of Mammut under Jacobs’ ownership. Since acquiring Mammut in June 2021, Jacobs has partnered with the company to implement a comprehensive operational and strategic transformation. These efforts modernised Mammut’s digital infrastructure, sharpened its brand positioning, and optimised its operating model, all while preserving the technical credibility and Swiss heritage that have defined the brand for more than 160 years.

As a result of these initiatives, Mammut has achieved a double-digit compound annual growth rate. Revenues outside of Europe now represent well over 50% of the total, and EBITDA margins have more than doubled since 2021. Today, Mammut serves mountain sports enthusiasts around the world through a diversified combination of digital channels, its own stores, and premium retail partners.

Mammut is now positioned for its next phase of sustained, profitable growth. Drawing on its extensive investment experience, global perspective, and broad network across China and the wider Asia-Pacific region, CPE will work closely with the existing Mammut management team around CEO Heiko Schäfer to unlock new opportunities across product innovation and localisation, brand building, channel expansion, and supply chain optimisation, accelerating the company’s growth in high-potential markets. Mammut’s headquarters, as well as its core design and innovation functions, will remain firmly anchored in Seon/Lenzburg, Switzerland.

Philippe Jacobs, Co-Chairman and Founder of Jacobs, commented, “We are immensely proud of the transformation Mammut has achieved over the past five years. Together with Heiko and his outstanding team, we have modernised the company from the inside out and materially improved its financial and operational performance. Mammut is stronger than ever, and we believe CPE is the ideal partner to support the brand’s continued international growth while respecting its unique Swiss DNA. We wish the entire Mammut team every success.”

Mark Mao, Managing Director of CPE, commented, “It is both a privilege and a responsibility to become the next steward of Mammut, an iconic Swiss outdoor brand with more than 160 years of heritage. Following the completion of the transaction, CPE is fully committed to preserving and building upon the brand equity, technical excellence, and authentic heritage that have made Mammut one of the world’s most respected outdoor brands, while supporting its continued global expansion.”

Mr. Schäfer said, “Together with Jacobs Capital, we have achieved an extraordinary transformation, making Mammut stronger and more globally relevant than ever before. I would like to thank the Jacobs team for their trust and highly constructive partnership. We are entering this next chapter from a position of absolute strength, and we are excited to work with CPE to realise the many opportunities ahead of us.”

Houlihan Lokey acted as the sellside advisor to Jacobs.

RELATED: Food & Beverage, Corporate Finance, Mergers and Acquisitions