Swedish helmet and safety technology firm Mips AB, has acquired safety innovation company Koroyd. Mips signed an agreement to acquire all shares in the Monaco-based Koroyd SARL for a reported €40m, with an additional earn-out of up to €25m if certain performance targets are met.
The merger, announced at the end of 2025, will see Mips add Koroyd’s impact protection technology to its portfolio, which the firm says will leverage significant synergies in safety systems, particularly in helmets. Both firms will continue to operate separately under their respective leadership teams. During the financial year 2024/2025, Koroyd reported sales of approximately €11m with an adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) of approximately €5m.
Koroyd, founded in 2010 by John Lloyd, son of Lloyd Lifestyle ‘Industry Great’, the late George Lloyd, specialises in energy-absorbing materials, including body armour for extreme sports, helmet liners, defence, motorsport, and child restraint systems. Mips develops helmet safety designs, including low-friction layered systems to reduce rotational injury in impacts.
“The acquisition of Koroyd marks another important step in Mips’ long-term strategy to strengthen our position as the leader in helmet safety,” said Max Strandwitz, CEO and president of Mips. “This acquisition is in line with our strategy and also serves as a springboard into adjacent product safety areas. The brands will continue to operate separately under their respective strong leadership teams, but we jointly see exciting synergies, especially in product development and marketing.”
“I am convinced that this combination will accelerate our diversification strategy,” said John Lloyd, Koroyd’s founder. “Our technologies are naturally complementary and together form a platform that strengthens partners, delivers on the strong demand for both brands and expands what is possible in protection.”