Thule Acquired Dutch Child Bike Seat Maker GMG
MALMÖ, Sweden – Thule Group has acquired the Dutch company GMG, well known for its Yepp bike child seats. In 2015 GMG generated a turnover of 6.1 million euro and had a strong focus on the brand Yepp.
“The takeover of GMG B.V. is complementary to our existing Thule RideAlong child bike seat range,” says Magnus Welander, CEO and President Thule Group. “It fits our strategy to grow in this key category that shows strong growth from recent launches of e.g. the Thule Glide jogging strollers and the Thule Sapling child carrier backpacks.”
Best match for GMG
The acquisition took effect on July 4th and the previous GMG owner Michel Krechting will accompany the transfer to Thule until the end of 2016. “For me it’s mission accomplished after 7 years of the first Yepp introduction,” says the 63-year old Krechting. “Thule with its strong innovation and top quality products is the absolute best match for GMG. This Swedish company also has a strong distribution network in 140 countries providing a huge potential for the GMG products.”
Move to Thule Group
GMG’s long-time marketing and sales director Sven Willems together with the other employees have moved to Thule Group. GMG has operated with a lean and mean product focused sales and marketing organization and is based at Zwanenburg, the Netherlands. The total purchase price for GMG B.V. was 10 million euro on a debt-free/cash-free basis.
The acquisition is not expected to have a material impact on Thule Group’s total sales and profits.