Dometic Group and Atwood Mobile Products have signed an agreement where Dometic Group will purchase Atwood Mobile Products LLC.
Stockholm, Sweden and Elkhart, Ind. USA – Sept 9, 2014 – Dometic Group, a global leader of leisure products for the recreational vehicle (RV), marine, truck and automotive-based industries, today announced that it has signed an exclusive purchase agreement with Elkhart, Ind.-based Atwood Mobile Products, LLC, a global provider in designing, engineering and manufacturing appliances and hardware for the RV, On-/Off-Highway and Marine industries for over 50 years. This acquisition will complement and further diversify Dometic’s existing product offerings and strengthen the company’s global footprint.
“The key rationale behind this important acquisition is that it will expand our product range offered to our North American and global customers,” said Roger Johansson, President and CEO of Dometic Group. “With Atwood as part of our Group, we will be able to offer high quality water heaters, ventilation technology, windows and doors, innovative furnaces, and more – products which have not been included in our present North American offering.”
Atwood’s primary markets are North America and Australia. The company has 775 employees and annual sales of approximately $200 million.
“Atwood has a strong set of offerings and a reputation for providing high quality products and accessories.” says Frank Marciano, President of Dometic Americas. “Combined, we will be able to offer our global customers a great complement to our current range, access to our global exceptional service teams and ultimately greater value.”
Tim Stephens, CEO and President of Atwood Mobile Products, added: “With Dometic, we have found a partner that gives us more growth opportunities in the markets we serve. Together, we will be able to offer a full range of complementary appliances and equipment that will enhance our customers’ comfort when away from home.”
Dometic Group’s global revenue, on a rolling 12 months, after the acquisition will amount to approximately $1,400 million and the number of employees will increase to 7,200. Terms of the potential acquisition were not disclosed. The acquisition is pending governmental regulatory review.
Funding of the acquisition of Atwood Mobile Products, LLC
The transaction is intended to be funded through an equal split of contribution from the current owners and an extension of the existing financing from the Senior Bank group, and is expected to be leverage neutral on a senior debt level for the Dometic Group.