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Press releases 2015

Exercise of the over-allotment option

Jefferies International Limited, Morgan Stanley and SEB (the “Joint Global Coordinators”) have today notified EQT V (the “Principal Owner” or “EQT”), that the Over-Allotment Option has been exercised in full in respect of 14,663,490 shares in Dometic Group AB (publ) (“Dometic” or the “Company”).

In connection with the initial public offering and listing of Dometic’s shares on Nasdaq Stockholm (the “Offering”), the Principal Owner undertook to sell up to 14,663,490 additional existing shares in the Company to cover potential over-allotment (the “Over-Allotment Option”). 

SEB, acting as stabilization manager on behalf of the Joint Global Coordinators in the Offering, has today exercised the Over-Allotment Option in full. 

No price stabilization activities have been carried out since the listing, and due to the Company’s share price performance, the Joint Global Coordinators have decided to end the stabilization period. Following the exercise of the Over-Allotment Option, EQT will remain the largest shareholder in Dometic and will own 57% of the total number of shares in the Company. 

Advisors

Jefferies International Limited, Morgan Stanley and SEB are acting as Joint Global Coordinators and Joint Bookrunners in relation to the IPO and Lazard is financial advisor to the Company and the Principal Owner. Carnegie and UBS are Joint Bookrunners and Handelsbanken is Co-lead Manager (the Joint Bookrunners and Co-lead Manager collectively with the Joint Global Coordinators and Joint Bookrunners, the “Managers”). Vinge and Latham & Watkins (London) LLP are acting as legal advisors to the Company and the Principal Owner and Advokatfirman Hammarskiöld & Co and Davis Polk & Wardwell London LLP are acting as legal advisors to the Joint Global Coordinators and Joint Bookrunners.

About Dometic

Dometic provides branded solutions for mobile living in the areas of Climate, Hygiene & Sanitation and Food & Beverage. The Company manufactures and sells a broad range of products within these areas for use in recreational vehicles (such as motorhomes and caravans or towables), trucks and premium cars, pleasure and work boats, and for a variety of other uses. Products include air conditioners, furnaces, awnings, vents and windows & doors within Climate; water heaters and toilets within Hygiene & Sanitation; and refrigerators, cooking equipment, ovens and mobile coolers within Food & Beverage. The Company operates 22 manufacturing / assembly sites in nine countries, sells its products in approximately 100 countries and manufactures approximately 85% of products sold in-house. The Company markets and sells its products under one main brand, Dometic, as well as supporting brands such as WAECO, Atwood, A ATWOOD AIR COMMAND, MOBICOOL, Marine Air Systems, Condaria, Cruisair and SeaLand. During the twelve months ended 30 September 2015, Dometic generated net sales of SEK 11.2 billion and adjusted operating profit (EBIT) of SEK 1.4 billion (12.9% margin). As of 30 September 2015, Dometic had 6,369 employees.

Dometic was established in 1968 as a U.S. subsidiary of the Swedish company AB Electrolux, under the name Dometic Sales Corporation, to sell refrigerators for recreational vehicles and other leisure equipment. The origination of business, however, dates back to 1922 with the invention of absorption refrigerators. Dometic’s product portfolio and geographic reach have grown through a series of 39 acquisitions in the last 42 years.

About EQT

EQT is one of the leading private equity groups in Europe with approximately EUR 29 billion in raised capital. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 17 billion and approximately 140,000 employees. EQT supports portfolio companies to achieve sustainable growth, operational excellence and market leadership.

For more information, please contact:

Erika Ståhl
Head of Business Control & Investor Relations at Dometic

Phone: +46 8 501 025 24
Email: ir@dometicgroup.com 

The information above has been published pursuant to the Swedish Securities Markets Act (Swe. lag om värdepappersmarknaden) and Swedish Financial Instruments Trading Act (Swe. lagen om handel med finansiella instrument). 

This information was released for publication at 08.00 CET on 10 December 2015.

 

IMPORTANT INFORMATION

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. 

Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any offering in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to “qualified institutional buyers” as defined in Rule 144A under the Securities Act. 

Any offering of the securities referred to in this announcement will be made by means of a prospectus. This announcement is not a prospectus for the purposes of Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the “Prospectus Directive”). Investors should not invest in any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.

In any EEA Member State other than Sweden that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may contain projections or may constitute forward-looking statements regarding future events or the future financial performance of the Company. Forward-looking statements are statements that are not historical facts and can be identified by words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “will,” “may,” “continue,” “should”, “could” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Neither the Company nor any other person guarantees that the assumptions underlying the forward-looking statements in this presentation are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or any obligation to update or revise the statements in this presentation to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. Neither the Company nor any other person undertakes any obligation to review, update, confirm, or to release publicly any revisions to any forward‐looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

Jefferies International Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Morgan Stanley & Co. International plc. and UBS Limited are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Skandinaviska Enskilda Banken AB, Carnegie Investment Bank AB and Handelsbanken Capital Markets (a part of Svenska Handelsbanken AB) are regulated by the Swedish Financial Supervisory Authority. All firms are acting exclusively for the Company and no one else in connection with the Offering and will not regard any other person (whether or not a recipient of this announcement) as a client in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for giving advice in relation to the Offering or any transaction or arrangement referred to in this announcement. 

Lazard & Co., Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively as adviser to the Company and no-one else in connection with the Offering. Lazard & Co., Limited will not regard any other person as its client in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Offering, the contents of the Prospectus or any transaction, arrangement or other matter referred to herein. Lazard & Co., Limited accepts no responsibility whatsoever for the contents of the Prospectus, including its accuracy or completeness, and accordingly disclaims all and any liability whatsoever in respect of the Prospectus.

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