Nordic Capital buys Thule
MALM, Sweden – Nordic Capital Fund VI has signed an agreement to acquire the Thule Group from Candover. Nordic Capital has followed Thule for many years. We are attracted to Thules leading market positions,
MALMö, Sweden – Nordic Capital Fund VI has signed an agreement to acquire the Thule Group from Candover. Nordic Capital has followed Thule for many years. “We are attracted to Thule’s leading market positions, strong brands and proven management team, with whom we will work closely together, said Ulf Rosberg, Partner, Nordic Capital. “There is strong underlying market growth in this sector driven by an increase in outdoor and leisure activities.”
“Thule has performed extremely well during Candover’s partnership with the management team, led by Anders Pettersson”, said John Arney, Managing Director of Candover. “We have more than doubled the size of the business and sales and profits have grown strongly. Thule AB has grown organically as well as through a series of seven complementary acquisitions, including Brink, SportRack, Valley and, most recently, Case Logic, in the US.
Anders Pettersson, President & CEO of Thule welcomes Nordic Capital as the new owner of Thule. Strategically, we will continue with our buy and build strategy with the aim of creating a one billion Euro company by 2009.” Thule’s management will reinvest in the new company and continue to be a significant owner. The parties have agreed not to disclose the transaction value.