Thule Group's board of directors has hired London-based Rothschild to help spin off its profitable, $122-million-a- year, tow-bar business as it continues to refocus the Swedish company on the sports and outdoor sector.


Thule closed the sale of its trailer business to the Swedish investment fund Accent Equity 2012 in May as part of the same strategy. The plan is to divest the company within 12 months of spinning it off. The spin-off includes development and production facilities in Holland and France, as well as a number of sales offices. The new company will be headquartered in Staphorst, Holland and will be headed by the current Business Area President, Gerrit de Graaf.
 
“Our strategic focus in recent years, to continue to strengthen our market position in the Sports and Outdoor sector with products for active consumers around the world, is very clear,” said Magnus Welander, CEO of the Thule Group.

“The successful introduction of several new product categories, such as child bike seats and jogging strollers in the new category “Active with Kids” is a good example of this. In addition, we have recently launched a number of award-winning camera and bike bags and during the summer of 2014 we will launch our widest range ever of sports and outdoor products. With the strategic focus of the Thule Group the trailer and towbar businesses were no longer a core business for us”.
 
“I know that Gerrit de Graaf and his team have the market position, product portfolio, the expertise and the strategic plans to continue developing the towbar business in the future. This, combined with the Thule Group's strategic direction, makes me confident that the spin-off will benefit both companies”, says Magnus Welander.

Thule Group offers products within two segments: Outdoor & Bags (e.g. equipment for cycling, water and winter sports, roof boxes, bike trailers, baby joggers, laptop and camera bags, backpacks and cases for mobile handheld devices) and Specialty (e.g. snow chains).

After the spin-off of the tow bar business, the company will have approximately 2,450 employees at 25 production facilities and sales offices worldwide. Thule’s products are sold in 136 markets and its sales in 2013 reached SEK 4.3 billion ($660 mm).