Houlihan Lokey Advises Open Air Group on Its Divestment of Natlink to Verdane

Houlihan Lokey is pleased to announce that Open Air Group, a holding company focusing on products for hunting and outdoor, and backed by Nalka, has entered into an agreement to divest Natlink, the largest hunting tech company in the Nordics, to Verdane.

The Natlink brand was established in 2024, when Open Air Group merged hunting tech specialists WeHunt, Tracker, and Burrel under one unified brand, creating the largest hunting tech company in the Nordics.

Open Air Group started building Natlink in 2017 with its premiere investment in GPS dog tracking specialist Tracker. With the following acquisitions of b-Bark, Ultracom, and WeHunt, Natlink has grown its sales from c. SEK 35 million in 2017 to c. SEK 230 million in 2024 and built a combined community of 850,000 registered users.

“We are extremely proud of the development of Natlink and what the team has accomplished during our eight years of ownership. We are convinced that the business will continue to develop well together with Verdane as a partner. The divestment is an opportunity for Open Air Group to increase focus on its e-commerce operations and product development, with unwavering ambition to serve outdoor enthusiasts and the hunting community with great products, elevating their every outdoor adventure,” said Camilo Sjödin, CEO of Open Air Group.

“At Natlink, we are driven by a deep respect for nature and a strong belief in the power of technology to enhance the hunting and outdoor experience. I am incredibly proud of what our team has built together over the years and grateful to Open Air Group for laying the foundation that made Natlink what it is today. As we now begin a new chapter with Verdane, we look forward to accelerating our mission to support the hunting community with innovative, responsible solutions that unite tradition with technology. The Houlihan Lokey team supported us throughout every step of the transaction, from strategic preparation to execution, with exceptional dedication and insight. The team’s extensive network and hands-on approach were instrumental in achieving a great outcome,” added Carl von Eckermann, CEO of Natlink.

“We are excited to partner with Carl and the entire Natlink team to accelerate the company’s growth. Natlink has built an impressive suite of products and services that help to create a more sustainable outdoor community. We look forward to helping them reach even more people,” said Daniel Ahlstrand, Partner at Verdane.

Natlink is the largest hunting technology company in the Nordics and one of the largest in Europe, providing leading brands such as WeHunt, Tracker, and Burrel. Together, these brands deliver a seamlessly integrated ecosystem for planning, communication, tracking, analysis, reporting, and wildlife monitoring. The company operates with a clear purpose: to enable an interconnected hunting and outdoor experience for all stakeholders in the industry. Guided by its vision to bring hunting and outdoor communities together, Natlink is on a mission to create a unified and seamless experience that makes hunting and outdoor activities more meaningful, easy, and secure. By combining cutting-edge technology with deep respect for nature and tradition, Natlink empowers individuals and organizations to collaborate, share, and thrive in a more connected outdoor world.

Verdane is a specialist growth buyout investment firm that partners with tech-enabled and sustainable businesses that help to digitalise and decarbonise the European economy. Verdane funds have the most flexible mandates in the industry. The firm can invest as a minority or majority investor, replacement, or growth capital, in single companies or in portfolios of companies.

Completion of the transaction is subject to customary regulatory approvals.

Houlihan Lokey acted as the exclusive sellside advisor to Open Air Group and its shareholders on its divestment of Natlink to Verdane and assisted in marketing, structuring, and negotiating the transaction. This transaction marks another essential milestone in Houlihan Lokey’s active lifestyle and consumer technology expertise, strengthening its strong positioning as a leading M&A advisor in both spaces.

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