Thule completed the acquisition of Brink International BV, Valley Industries and SportRack Accessories. The acquisition was announced on May 18 and has been thereafter subject to approval of the European Commission which Thule received on August 28.
Brink and Valley are European and North American manufacturers for towbars while Canadian SportRack Accessories offers load carriers and rooftop boxes. The companies have annual sales of SEK 1.83 billion ( 197 M) and they employ 1,400 co-workers at seven European and three North American sites.
“Towing Systems are the natural link in our business model of supplying smart solutions for outdoor enthusiasts, active families and professionals who want to transport their gear by vehicles safely, easily and in style. The successful closing of the deal means that Thule is now a 560 million Euro company and well on its way reaching its long term target of becoming a 1 billion Euro company by 2009”, says Anders Pettersson, President and CEO of Thule.
Jefferies & Company, Inc. acted as financial advisor to Thule AB in this transaction.
