Thule to acquire Australia's Quad Lock for $500m
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The news: Thule Group, the Swedish outdoor product giant, is acquiring Melbourne-based phone mounting company Quad Lock from Quadrant Private Equity for $500 million (approx. 3.6 billion Swedish kronor).
The context: Quad Lock is known for its high-performance phone mounts used by cyclists and adventurers. Founded in 2011, the company grew under Quadrant’s 2020 investment, expanding global sales and product offerings.
The deal enhances Thule's market presence in the Asia-Pacific region and boosts its direct-to-consumer sales.
The numbers: Thule’s purchase will be financed through cash and credit (79%) and newly issued shares (21%), representing a 1.9% stake in Thule.
Quad Lock’s annual sales as of 31 August reached to 1.4 billion Swedish kronor with a 25% EBITDA margin, Thule said in a statement. That was driven by global demand across approximately 100 countries, with 75% of sales via direct-to-consumer e-commerce.
The acquisition, pending Australian regulatory approval, is expected to finalise by Q4 2024.
What they said: Thule CEO Mattias Ankarberg said the acquisition aligns with the company’s growth strategy and goal of SEK 20 Swedish kronor in sales and a minimum EBIT margin of 20% by 2030.
"We are taking Thule to the next level, and we are doing it by building on our strengths. Quad Lock is a global market leader in its niche and, like Thule, has a passion for creating the best products for active adventurers, with a strong focus on quality and innovation,” Ankarberg said.
Andrew Poole, CEO of Quad Lock said: "We are excited to become part of the Thule Group. It's striking how similar our brands and cultures are. Like Thule, we focus on high-quality products that can withstand harsh conditions and are appreciated by customers who love adventure. This market is growing rapidly, and we look forward to tackling the many growth opportunities together. As a management team, we also appreciate becoming Thule shareholders as part of this transaction and getting the opportunity to take part in the future value creation of our combined companies.”
The source: Thule Group statement
