British outdoor clothing brand Musto has been acquired by technical outdoor clothing company Helly Hansen for an undisclosed sum, as the Norwegian brand looks to further its ambitions to grow in the British market.

Helly Hansen has acquired Musto, the British specialist sailing and country apparel brand, from Phoenix Equity Partners and other shareholders, in a deal that has been reported by The Wall Street Journal to be worth 50 million pounds, citing an anonymous source.

The acquisition means that Helly Hansen will become a global leader in professional sailing apparel, the company said in a statement, and will complement its existing leadership position in professional skiing apparel and enhance its presence in the UK outdoor market.

Musto, which is the British brand of choice for professional yachtsmen and world-class dinghy sailors, holds two British Royal Warrants and is the official supplier to both the British National Sailing Team and the British Equestrian Federation through to the 2020 Tokyo Olympic Games, will operate alongside Helly Hansen as a premium specialist brand.

The company also added that it will invest in Musto’s international growth ambitions as well as deepen its technological and sourcing capabilities, and that the move will reinforce its ambitions in the UK market, “its growth strategy, and its desire to replicate its own performance with the Musto brand”.

Peter Smith, chief executive officer of Musto, will continue to lead the business, and will report to Paul Stoneham, chief executive officer of Helly Hansen, who will also become executive chairman of Musto.

British brand Musto acquired by Norwegian technical outdoor specialist Helly Hansen

Commenting on the acquisition, Stoneham said: "Musto accelerates Helly Hansen's long-term aspiration to become a global leader in sailing, matching our leadership position in professional skiing.

“Our focus will be to expand Musto internationally as an iconic British lifestyle brand with deep technical sailing credentials alongside Helly Hansen. The two brands are highly complementary and hold in common a deep regard for the sailing community and commitment to preserving our oceans.”

Peter Smith, chief executive of Musto added: "This is an incredibly exciting next phase in Musto's evolution and we are invigorated by the prospect of working with a business as complementary to our own as Helly Hansen. We look forward to leveraging Helly Hansen's global network and R&D capabilities, as we grow our market leading position in sailing, country and outdoor apparel."

Founded in Norway in 1877, Helly Hansen has become a leader in technical sailing and performance ski apparel, as well as premium workwear. Its ski uniforms are worn and trusted by more than 50,000 professionals and can be found on Olympians, National Teams, and at more than 200 ski resorts and mountain guiding operations around the world. Its outerwear, base layers, sportswear and footwear are sold in more than 40 countries.

British brand Musto was established in 1964 by Keith Musto, the world renowned Olympic sailing medallist who identified a gap in the market for high performance apparel. The brand is globally renowned for its innovation and product performance across outdoor apparel and footwear.

Images: via Musto Facebook