21/05/2021

21 May 2021
21 May 2021, Comments Comments Off on Dometic announces two more acquisitions: Front Runner Vehicle Outfitters and Enerdrive
Dometic announces two more acquisitions: Front Runner Vehicle Outfitters and Enerdrive

Dometic has announced two further acquisitions this week – Enerdrive, an Australian-based provider of mobile power products for the outdoor market, and Front Runner Vehicle Outfitters, a global provider of high-qualitive products for the outdoor market headquartered in South Africa.

The acquisition of Enerdrive strengthens Dometic’s offering of mobile power products, including solar power solutions, for the outdoor market in the Pacific region. Enerdrive is privately owned, has 45 employees and is headquartered in Brisbane, Australia. Its 2020 net sales were approximately AUD 28 million (~USD 22 million) with a good operating margin, supported via a large Service and Aftermarket network of more than 1,200 dealers.

“I am pleased to welcome Enerdrive and its employees to Dometic. With Enerdrive we are strengthening our product offering and distribution network in the fast-growing area of power solutions for the Outdoor lifestyle. Our strategy for profitable expansion in Mobile Living is built on a combination of organic and acquisitive growth. Enerdrive is our third announced acquisition this year and our pipeline of potential acquisitions in the near future remains strong.” says Juan Vargues, President and CEO of Dometic.

The market demand for sustainable and effective off-grid mobile power solutions is rapidly increasing as more and more people spend time outdoors using a vehicle or boat as the base. The acquisition of Enerdrive broadens Dometic’s offering and distribution network in the Pacific region. The acquisition also increases Dometic’s presence and know-how in the fast-growing market for mobile solar power solutions.

The transaction price is not material in relation to Dometic’s market capitalization and is not disclosed. Closing is expected to take place during the second quarter of 2021. The Enerdrive business will be reported as part of segment Asia Pacific.

Front Runner Vehicle Outfitters is a global provider of high qualitive products for the vehicle based outdoor market. The products include roof racks, rooftop tents, storage products and load bars. The products are sold on four continents through their own B2C e-channels (appr. 50% of total sales) and through more than 600 dealers.

This acquisition strengthens Dometic’s product offering and distribution network for the vehicle-based outdoor market. Net sales of Front Runner Vehicle Outfitters in the last fiscal year were approx. USD 35 million with a good operating margin.

Front Runner Vehicle Outfitters is privately owned, has approximately 320 full-time employees with the headquarters and manufacturing near Johannesburg, South Africa.

Dometic has identified the vehicle based outdoor market as a strong opportunity for growth. Front Runner Vehicle Outfitters, with its offering of high-quality outdoor products, is a perfect fit to Dometic’s existing offering for this market.

“I am pleased to welcome Front Runner Vehicle Outfitters and its employees to Dometic. With this acquisition we are strengthening our offering and distribution network for the outdoor market. Our strategy for profitable expansion in Mobile Living is built on a combination of organic and acquisitive growth. This is our fourth announced acquisition this year and our pipeline of potential future acquisitions remains strong.” says Juan Vargues, President and CEO of Dometic.

The transaction price is not material in relation to Dometic’s market capitalization and is not disclosed. Closing is expected to take place during the third quarter of 2021.