Two new highly complementary acquisitions will boost Dometic’s global offering and give customers access to a larger product range.
On September 9, 2014, Dometic Group signed an agreement to acquire Atwood Mobile Products, a US based global provider of appliances and hardware for the recreational vehicle industry (RV). The acquisition of Atwood follows the recently announced takeover of the RV awning division Prostor from the Belgian company Brustor in August. After these acquisitions Dometic Group’s global revenue on a rolling 12 month basis will amount to approximately SEK 10 billion and the number of employees will increase to 7,200.
“The key rationale behind the acquisitions is to continue and extend our product range and growth and to create a company that on a global level can be a full range supplier of comfort products to all types of recreational vehicles,” says Roger Johansson, President and CEO, Dometic Group.
Mr Johansson continues: “With the acquisition of Atwood, we will expand our product range offered to our North American and global customers and be able to supply high-quality water heaters, ventilation technology, windows and doors, innovative furnaces, and more – product technologies which previously have not been part of our North American offering. With the acquisition of Prostor, we are now able to offer our European customers a full range of awnings, with accessories, that are specially designed for European vehicles and conditions.”
Atwood Mobile Products is a global provider of appliances and hardware for the recreational vehicle, on-/off-highway and marine industries for over 50 years. Atwood’s primary markets are North America and Australia. Atwood has about 775 employees and annual sales of approximately USD 200 million.
Prostor has more than 30 years of experience in production of awnings and are known for innovation, low weight, and high quality.
The acquisitions are financed with a mix of debt and new equity from EQT V, the fund which owns Dometic Group since 2011. Earlier in June this year, Dometic also successfully completed a refinancing of its outstanding PIK notes, considerably reducing financing costs.
The acquisition is pending governmental regulatory review.