MIPS today announced the acquisition of Koroyd, combining two of the biggest names in cycling impact protection. With MIPS you have the leading tech for reducing rotational forces in a crash, and in Koroyd, a series of unique solutions for dissipating linear impact energy. Together, the MIPS+Koroyd partnership could lead to even better integration of these two different crash safety strategies.
We’ve already seen some helmets that combine both tech – notably this Smith Forefront 3 (above), which we even crash tested ourselves, and the Endura MT500 (below) that we’ve managed not to crash in yet.
MIPS Acquires Koroyd for more than €40 million
MIPS’s motto is, “Reduce head injuries. Save more lives.” Koroyd’s is, “Protecting life in motion.” Together, can they make us cyclists even safer?
MIPS describes its purchase of Koroyd as a complementary extension of their own goals in developing and producing technologies designed to keep people safe, while remaining physically active. The two companies, they say, are very similar.
Both are market leaders within specific niches in the active consumer safety sphere. Both companies have strong roots in “science and technology-driven” product development. And each has invested heavily in creating their own advanced impact simulation capabilities and ‘world-class’ testing facilities to verify the efficacy of their safety solutions.
Also, neither is really an end-product company. Rather, both produce smart product solutions, ultimately integrated into products produced by other partners to boost rider safety. By sharing more of their technology development and integration from the beginning, it seems MIPS thinks they can create higher value, and higher-performing solutions to boost user safety in the end-user products made by their partners.
MIPS purchase of Koroyd, likely extends far beyond head protection
Even with the pending MIPS acquisition, Koroyd will continue to operate as their own independent brand. But the two “see many synergy opportunities on product development and product portfolio expansions”. That likely could expand beyond helmets, especially with the success of Koroyd’s recent introduction of great mountain bike pad inserts in the new Fox knee guards we recently tested.
As we see more competition for alternative anti-rotation safety systems in helmets these days (like RLS), MIPS expanding their reach into other avenues of rider production seems like a wise strategic move. Want to know more about how MIPS is paying 40 million euros now, and up to 25 million more, depending on how Koroyd’s earnings add up? Then, check out the main text of the MIPS Press Release below, or head over to MIPScorp.com for even more.
MIPSprotection.com & Koroyd.com
Press Release: 2025-12-11
Mips acquires Koroyd, strengthening world-leading helmet safety technology portfolio with complementary technology
Mips AB (publ), a world-leader in helmet-based safety, has signed an agreement to acquire all shares in Koroyd SARL and SCP George TFE (together “Koroyd”). Koroyd is based in Monaco and is a pioneer in the development of advanced impact protection technology for head and body safety, which is complementary to Mips’ technology. During the financial year 2024/2025, Koroyd had sales of approximately EUR 11 million with an adjusted EBITDA of approximately EUR 5 million. The purchase price amounts to EUR 40 million on a cash and debt-free basis, with an additional earn-out of up to EUR 25 million if certain performance targets are met, corresponding to a multiple of 8x EBITDA and 13x EBITDA, respectively. The acquisition is expected to be financed through available cash and a new credit facility.
“The acquisition of Koroyd marks another important step in Mips’ long-term strategy to strengthen our position as the leader in helmet safety. This acquisition positions the group uniquely in the market and enables interesting entries into other adjacent product areas. The acquisition is in line with our strategy and also serves as a springboard into adjacent product safety areas”, says Max Strandwitz, CEO and President of Mips.
“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, as well as in the strength of combining knowledge from two fantastic innovation-driven companies. This acquisition expands our offering in advanced protection solutions and helps us continue to drive the development of safer products for consumers and professional users”, adds Max Strandwitz.
“From the beginning, Koroyd has been built on a culture of purposeful innovation, solving real problems with solutions that genuinely improve protection whilst putting the user experience first. In Mips, we have found a partner who shares that ethos entirely”, says John Lloyd, Founder of Koroyd.
“Together, I am convinced that this combination will accelerate our diversification strategy. 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. Above all, it’s the shared values, collaborative mindset and long-term vision that make this partnership a natural evolutionary step. This shared foundation makes the future extremely exciting, and I couldn’t be more enthusiastic to be part of building it”, adds John Lloyd.
