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Dometic Acquires Buttner Elektronik GmbH

Dometic Acquires Buttner Elektronik GmbH

Press release

7/1/2021

Dometic Acquires Buttner Elektronik GmbH

Stockholm, Sweden July 2, 2021. On July 2, 2021, Dometic acquired Buttner Elektronik a Germany-based provider of mobile power solutions for the outdoor market.

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Summary

  • The acquisition of Büttner Elektronik strengthens Dometic’s offering of mobile power products, including solar power solutions, for the European outdoor market.
  • Büttner Elektronik’s 2020 net sales were approximately EUR 13 million with a good operating margin. Approximately 75% of net sales is in Service and Aftermarket.
  • The transaction is effective from today and is expected to be accretive to Dometic’s EPS from start.

Description of Büttner Elektronik

Büttner Elektronik is a Germany-based provider of high-end mobile power products, including solar power solutions, batteries and battery chargers. Büttner Elektronik serves several vertical end markets in the outdoor space. The products are primarily sold in Germany and approximately 75% of net sales is in Service and Aftermarket.
2020 net sales were approximately EUR 13 million with a good operating margin and strong organic sales growth. The company is privately owned, has 17 employees and is headquartered in Neuenkirchen, Germany.

Background and reasons for the transaction

Expansion in the fast-growing market for mobile power solutions is a strategic priority for Dometic. The market demand for sustainable and effective off-grid mobile power solutions is rapidly increasing as more and more people spend time outdoors using a vehicle or boat as the base. The acquisition of Büttner Elektronik broadens Dometic’s offering and distribution network of mobile power solutions for the European outdoor market.

"I am pleased to welcome Büttner Elektronik and its employees to Dometic. With Büttner Elektronik we are strengthening our product offering and distribution network in the fast-growing area of mobile power solutions for the Outdoor lifestyle. Our strategy for profitable expansion in Mobile Living is built on a combination of organic and acquisitive growth. This is our sixth announced acquisition this year and our pipeline of potential future acquisitions remains strong." 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 material in relation to Dometic’s market capitalization and is not disclosed. The transaction is structured as a simultaneous sign and close and is effective from today. Büttner Elektronik will be reported as part of segment EMEA.

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About Dometic

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 aspirational design for an outdoor and mobile lifestyle in the areas of Food & Beverage, Climate, Power & Control, and Other Applications. Dometic employs approximately 7,700 people worldwide, had net sales of SEK 16.2 billion in 2020 and is headquartered in Stockholm, Sweden.