Thule Group has acquired the Dutch company GMG B.V., the leading company in child bike seats in the BeNeLux markets. GMG B.V. had sales of €6.1 million in 2015, with a focus on child bike seats under the brand Yepp.
“I am happy to add the strong product assortment from GMG B.V. to our already impressive product portfolio within the Active with Kids product category, says Magnus Welander, CEO and President Thule Group. “The acquisition of GMG B.V. is complementary to our existing Thule RideAlong child bike seat assortment and fits our strategy to grow in this key category with strong growth from recent launches of e.g. the Thule Glide jogging strollers and the Thule Sapling child carrier backpacks.”
GMG B.V. has operated with a lean product focused sales and marketing organization with six employees and office in Zwanenburg in the Netherlands. The total purchase price for GMG B.V. was €10.0 million, 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.