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Edge24 Jan 2025
Mips: The Gore-Tex of Brain Protection
How Mips turned a critical safety flaw into a global success, redefining helmet protection with its technology and ingredient brand business model.
Mips (MIPS) investor relations material
Mips M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary12 Dec, 2025
Deal rationale and strategic fit
Acquisition strengthens leadership in helmet safety and expands into adjacent protection areas, supporting two out of three strategic pillars and leveraging both brands' reputations and technology-driven approaches.
Both companies share a vision to make active lives safer, with strong cultural and innovation alignment and market leadership in their niches.
Koroyd’s technology is highly complementary, offering energy-absorbing solutions for helmets, body protection, and gloves, enabling a broader product portfolio.
The deal opens new channels and markets, with both brands continuing to operate independently under their current leadership.
Anticipated synergies in product development and portfolio expansion, with both teams leveraging strong R&D capabilities.
Financial terms and conditions
Purchase price is EUR 40 million on a cash and debt-free basis, with an additional earn-out of up to EUR 25 million, totaling a potential multiple of 13x adjusted EBITDA for the twelve months ending September 30, 2025.
Valuation corresponds to 8x and 13x adjusted EBITDA, depending on earn-out achievement.
Transaction financed through existing cash and a credit facility.
Completion is conditional on entering a financing agreement and other customary or local approval procedures, expected in December 2025.
Expected to contribute positively to earnings per share, EBIT, and sales growth both short and long term.
Synergies and expected cost savings
Key synergies anticipated in joint product development, marketing, and portfolio expansion, enabling more integrated helmet and protection systems.
Both companies have strong R&D and testing capabilities, supporting innovation and efficiency.
No cost savings assumed in the business case; focus is on growth and innovation rather than cost reduction.
Expanded offering in advanced protection solutions for consumers and professional users.
Target adjacent markets for Mips' growth?
Key performance targets for Koroyd earn-out?
Synergies with separate brand operations?
KOROYD's body protection market strategy
Combined Mips-KOROYD helmet system development
Earn-out drivers for KOROYD's future performance
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Q4 202511 Feb, 2026
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Frequently asked questions
Swedish pioneering technology in helmets
If you’ve used or seen someone using a helmet in the last few years, you’ve likely seen a MIPS-equipped helmet, recognizable from the yellow liner and small yellow dot on the helmet shell.
Multi-directional Impact Protection (MIPS) is an integral part of the safety technology in helmets, and over 140 brands incorporate it in over 883 helmets. In 2021, over twelve million helmets with MIPS were sold.
A new way of protecting your brain
The first MIPS helmet was actually an equestrian one, launched in 2007 after the student Peter Haldin and the brain surgeon Hans Von Holst had discovered the shortcomings of standard helmets. The traditional helmets were only tested for linear impacts rather than rotational forces, which are more harmful to the human brain. Marcus Seyffarth is head of product development at MIPS. He uses the analogy of stretching a rubber band to explain the strain these rotational forces can have:
“The more you stretch a rubber band, the less likely it is to return to its original shape, and the same can be said for rotational forces in the brain.”
Exclusively in third-party collaborations
Halldin and Von Holst realized, however, that it can be hard to break through with a new product and brand in a fairly brand-dominated market. So, the founders released their first third-party helmet, including the MIPS system. Today, the company works exclusively with manufacturers and integrates their technology into the helmets from the beginning of the design process.
Licensing, for a constant cash flow
After the initial lower margin “heavy lifting” when onboarding a new brand and/or model (fitting the MIPS technology into a specific helmet, safety testing it, and then mass producing the layers) is paid for, basically every incremental licensing dollar for producing and selling the helmets drops straight to the bottom line. As a result of this, the company has increased their EBIT by an incredible 125x in the last six years, and revenue by 11.3x, due to en impressive margin expansion and increased adoption of the MIPS technology.
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