WeSports, a Malmö-based e-commerce startup with a strategy of consolidator in the sports retail industry, is preparing for a significant milestone as it readies itself for an IPO. The company announced it has appointed Ted Sporre as its new CEO, signaling a strategic shift towards becoming publicly listed.
IPO Readiness and Market Conditions
Ted Sporre, who previously served as Vice President and Managing Director for the Nordics at AUTO1 Group, brings extensive experience in executing growth plans, e-commerce, and leadership in international listed environments. He succeeds Martin Appelfeldt, who will continue to work within the company as a Senior Advisor and head of IT infrastructure.
“We are delighted to welcome Ted to WeSports Group. With his drive and experience, he will contribute strongly to our continued growth and development. His leadership style and ability to challenge competitive and established markets, as well as scaling entrepreneurial businesses, make him a perfect fit for the next step in our journey,”
said Johan Ryding, Chairman of WeSports
WeSports is focused on ensuring it meets the requirements for an IPO, aiming to have a robust business model and favorable market conditions. Ryding elaborated on the company’s IPO plans.
“We aim to have a solid business and be ‘IPO ready,’ meeting the stock market’s requirements. We are also looking for a favorable equity market.”
Johan Ryding said to Rapidus about the current strategy
Rapid Growth and Market Consolidation
Founded in 2019 by a quartet with long experience from amongst other BHG Group, including Mikael Olander, Martin Edbladh, Peter Rosvall, and Niklas Hammar, WeSports has rapidly grown its market presence. Already in 2024 WeSports group achieved a total turnover of over € 230 milion (2.5 billion SEK) with an adjusted EBITA of € 12 million (130 million SEK).
“WeSports Group’s development since 2019 has been remarkable, going from a local challenger to an international leader in multiple categories. Now, Ted joins us at an exciting time as we work to further cement and expand our leadership position in key focus areas. Having achieved our goals for the Company’s first five years, we are motivated to take the next step in WeSports Group’s journey. We are glad to welcome Ted to our team”
said Mikael Olander, Principal owner and Board Member at WeSports Group in a statement
WeSports operates by consolidating the sports equipment market, acquiring and developing niche players within the industry. The group comprises a holding company with over 50 e-commerce sites and physical stores, including notable brands like Cykloteket and Outdoorexperten.
