Thule Group Acquires Canadian Chariot Carriers
One of the worlds leading designers and developers of bicycle trailers and multi-functional child carriers, the Canadian company Chariot Carriers has
MALMÖ, Sweden – One of the world’s leading designers and developers of bicycle trailers and multi-functional child carriers, the Canadian company Chariot Carriers has been acquired by the Thule Group.
“The acquisition is a natural step in our increased focus on consumer products for an active lifestyle”, said Magnus Welander, CEO and President of the Thule Group. “To support this increased focus on active lifestyle products, we also appointed this spring a new board of directors with a focus on brand building and retail.”
Thule Group will acquire all assets of the Canadian family business Chariot, sold by the two brothers Dan and Chris Britton, and Pierre Doyon, the company’s CEO. Chariot has a turnover of CAD 25 million (€ 18 million). The parties did not disclose the purchase price.
“We have had our eyes on Chariot for some time. It is a genuine and consumer-oriented family company with a strong management team and premium products that are sold in a number of markets worldwide. The Thule Group and Chariot Carriers Inc. share the same philosophy of smart solutions for active lifestyles,” said Magnus Welander, CEO and President of the Thule Group.
“When the Thule Group approached us, we were impressed with their similar focused approach to their brands and with their understanding of our business and markets. We felt that they were the perfect partner to help Chariot grow to the next level and to its full business potential worldwide. I am very pleased for both organizations that we have concluded this agreement. I look forward to this exciting new chapter together,” said Dan Britton, Chariot’s founder and part owner, who will continue in the company as Director Innovation.
Chariot was founded nearly twenty years ago. All products are developed and designed in Calgary, Canada, where about 30 employees are employed. Production takes place both in Canada and in China.
The purchase of Chariot, which will be subject to formal approval by the European competition authorities, is the Thule Group’s first acquisition since the Swedish private equity company Nordic Capital again took over as the dominant shareholder of the Group in December 2010. And it is also an important part in the development of the Thule Group in a position even closer to the consumer.