Thule completes the acquisition of Brink, Valley Industries and SportRack
Malmö, September 7, 2006 – Thule, the world leader in Sports Utility Transportation, announces the successful completion of the acquisition of Brink International BV, Valley Industries and SportRack Accessories.
The acquisition was announced on May 18 and has been thereafter subject to approval of the European Commission which Thule received on August 28. Brink and Valley are leading European and North American manufacturers for towbars while Canadian SportRack Accessories offers load carriers and rooftop boxes. The companies have annual sales of SEK 1.83 billion (€ 197 M) and they employ 1,400 co-workers at seven European and three North American sites.
“Towing Systems are the natural link in our business model of supplying smart solutions for outdoor enthusiasts, active families and professionals who want to transport their gear by vehicles safely, easily and in style. The successful closing of the deal means that Thule is now a 560 million Euro company and well on its way reaching its long term target of becoming a 1 billion Euro company by 2009”, says Anders Pettersson, President and CEO of Thule.
Jefferies & Company, Inc. acted as financial advisor to Thule AB in this transaction.
For further information please contact:
Anders Pettersson, President and CEO, phone: +46 (0) 703 414150
Daniel Oelker, SVP Corporate Communication, phone: +46 (0)730 799004
About Thule:
Thule is the world leader within Sports Utililty Transportation delivering transportation solutions for active families, professionals and outdoor enthusiasts wanting to transport their equipment by vehicles safely, easily and in style. The product portfolio comprises load carriers for cars such as rooftop boxes, roof rails and bike carriers. Additionally, the company offers snow chains, trailers as well as accessories for motor homes and caravans. Thule has approx 3,700 employees at over 30 production and sales locations on all major car markets in North America, Europe, Africa and Asia. Pro forma sales (including Brink, Valley and SportRack) amount to SEK 5.2 billion (approx € 560 M). Thule AB is based in Malmö, Sweden, and majority owned by UK-based private equity firm Candover (www.candover.com).