Dometic Acquires Twin Eagles
SUMMARY
- 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.
Contact pour la presse
Minako Nakatsuma Olofzon | pr@dometic.com | +46 8 501 025 41
À PROPOS DE DOMETIC
Dometic est leader sur le marché international des solutions de marque pour la vie mobile, dans les domaines de l’alimentation et des boissons, la climatisation, l’énergie et le contrôle, et d’autres applications. Dometic est actif en Amérique du Nord et du Sud, ainsi que dans les pays de l’EMEA et d’Asie Pacifique, en fournissant des produits à utiliser dans les véhicules de loisirs, les poids lourds, les voitures haut de gamme, les bateaux de plaisance, les navires commerciaux et dans une variété d’autres utilisations. Notre motivation est de créer des produits intelligents et fiables, au design exceptionnel. Nous vendons nos produits dans environ 100 pays et avons un réseau international de distributeurs et de revendeurs pour assurer l’après-vente. Dometic emploie environ 6 500 personnes dans le monde entier, avec un chiffre d’affaires de 16,2 milliards SEK (1,8 milliards USD) en 2020. Son siège social est situé à Stockholm, en Suède.
