Czech billionaire Tomáš Němec buys Norwegian ski maker Madshus

Czech billionaire Tomáš Němec is expanding his ski empire: his investment group ConsilTech is buying the legendary Norwegian cross-country ski maker Madshus from Elevate Collective. The parties have not disclosed the value of the deal, and the closing is expected within the coming weeks.

Madshus, founded in 1906, ranks among the oldest still-operating ski manufacturers in the world. The company's new CEO will be Torstein Myklebostad, who spent the last decade running ski-binding maker Rottefella. According to him, the new owners have a strong understanding of both skiing as a sport and manufacturing, which will allow the brand to keep developing.

This year Madshus resumed production in the Norwegian town of Biri and shifted part of its manufacturing from China to Nové Město na Moravě in Czechia. According to the company, the cross-country ski market has roughly halved compared with pre-pandemic years, though interest in the sport is being sustained by the growing popularity of ski marathon races.

For Němec, the deal is a logical continuation of his strategy in the winter-sports segment: ConsilTech already owns ski maker Kästle CZ, and the acquisition of the Norwegian brand strengthens the group's position in this market.