The auction for Thule has come to an end with British buyout shop Candover winning out as the brands new owner. EQT Partners, Thules former owner, opted to offer the company up for sale instead of conducting an initial public offering on the Stockholm exchange as they announced earlier this year. The final purchase price was reportedly 465 million ($595 million), with Candover beating at least four other financial buyers.
Sources close to the deal have confirmed that EQT nearly quadrupled their investment over the course of five years with the sale. In Thules Q3 financial records the company is posting a very strong year so far with $269.5 million in sales for the first nine months and 25.3% currency neutral growth over the same period last year. The company is also showing a 37.9% increase in operating profit to $33.9 million, or a 12.6% operating margin. Thule reportedly has a 40% worldwide market share in automotive racks.
