STOCKHOLM (BRAIN) — Thule Group signed an agreement to acquire Australian phone mount manufacturer Quad Lock for AU$500 million ($327 million).
Quad Lock began in 2011 by inventing a mobile phone mounting solution for mountain bikes. It has since evolved its products to include motorcycles, boats, cars, and other applications.
"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," said Mattias Ankarberg, Thule president and CEO. "Welcoming Quad Lock's talented employees to the Thule family strengthens us in several areas and is a valuable step toward our financial targets for 2030; sales of SEK 20 billion and an EBIT margin of at least 20%."
Quad Lock is in about 100 countries, with about 75% of its sales being direct-to-consumer. The company had about SEK 1.4 billion in sales in the past year and achieved an EBITDA margin of 25%.
"It's striking how similar our brands and cultures are," said Andrew Poole, Quad Lock CEO. "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."
Thule net sales in the third quarter increased 1.4% year-over-year, despite its North American market lagging. Net sales for the quarter ending in September were SEK 2,344 million compared with SEK 2,311 at the same time last year. Region Americas sales decreased 3.3% in the quarter, while Europe and the rest of the world net sales increased 3.2%.
