Dometic Acquires Twin Eagles
Dometic Acquires Twin Eagles
Stockholm, Sweden - February 2, 2021. On February 2, 2021, Dometic entered into an agreement to acquire Twin Eagles, a leading US manufacturer of freestanding and built-in grills and outdoor kitchen solutions for the residential outdoor market. The acquisition strengthens Dometic’s offering in the fast-growing residential outdoor area in North America.
- Dometic has entered into an agreement to acquire Twin Eagles, an US-based manufacturer and provider of freestanding and built-in grills and outdoor kitchen solutions for the residential outdoor market.
- Twin Eagles’ annual net sales is USD 34 million and has a good operating margin.
- The transaction is expected to be accretive to Dometic’s EPS from start.
Description of Twin Eagles
Twin Eagles is a North American provider of freestanding and built-in grills, outdoor refrigerators and other outdoor kitchen solutions for the mid to high end residential market. The company’s products are sold under the brands Twin Eagles and Delta Heat. The products are available at more than 400 dealers across the US and Canada including several on-line retailers.
Twin Eagles’ annual net sales is USD 34 million and has a good operating margin.
Founded in 1999, Twin Eagles is headquartered in Cerritos, California and has 130 employees. Manufacturing is primarily done in its own manufacturing facility in the US.
Background and reasons for the transaction
Dometic has identified Residential outdoor as an area with strong potential for growth. Twin Eagles will be a strong asset in the offering on this growing market that is further fueled by consumers appetite for staycation and outdoor living.
"I am pleased to welcome Twin Eagles and its employees to the Dometic family. Twin Eagles fulfils all prerequisites that Dometic has set for acquired expansion, with proven profitable growth, strong market positions and strong management. The acquisition is part of our strategy of broaden our Residential product offering and expand into new vertical end markets. The customer feedback on our recently launched Dometic MoBar has been extremely positive and this acquisition will give us a unique position to expand sales in the fast-growing Residential outdoor market in North America.” says Juan Vargues, President and CEO of Dometic.
The acquisition is fully financed via cash on hand and is expected to be accretive to Dometic’s EPS from start.
The transaction price is not disclosed. Closing is expected to take place during quarter 1, 2021.
- Minako Nakatsuma Olofzon
Dometic is a global market leader in the mobile living industry. Millions of people around the world use Dometic products in outdoor, residential, and professional applications. Our motivation is to create smart, sustainable, and reliable products with outstanding design for an outdoor and mobile lifestyle in the areas of Food & Beverage, Climate, Power & Control, and Other Applications. Dometic employs approximately 8,500 people worldwide, had net sales of SEK 29.8 billion (USD 2.9 billion) in 2022 and is headquartered in Stockholm, Sweden.