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Thule Group Acquires Chariot Carriers

Published June 2, 2011

SEYMOUR, CT (BRAIN)—The Thule Group has acquired Chariot Carriers Inc., a designer and developer of bicycle trailers and multi-functional child carriers.

Thule Group has signed an agreement with Chariot Carriers which will consequently add a strong brand and new product line to Thule’s existing portfolio of products for smart and safe transportation. The acquisition is a natural step in the Thule Group's increased focus on consumer products for an active lifestyle. To support this increased focus on active lifestyle products, the Thule Group also appointed this spring a new board of directors with a focus on brand building and retail.

Thule Group will acquire all assets of the Canadian family business Chariot, sold by the two brothers Dan and Chris Britton, and Pierre Doyon, the company’s CEO. Chariot has a turnover of CAD 25 million (equals SEK 160 million and €18 million). The parties have agreed not to disclose the purchase price.

“We have had our eyes on Chariot for some time. It is a genuine and consumer-oriented family company with a strong management team and premium products that are sold in a number of markets worldwide. The Thule Group and Chariot Carriers Inc. share the same philosophy of smart solutions for active lifestyles. Right at the beginning of our preliminary discussions, it was evident that both companies shared similar outlook on delivering smart and market-centric solutions for active families. The synergies became even more obvious as we look how we evaluate markets and how we value quality in products and people. All of which feel like an enormous strength,” said Magnus Welander, CEO and president of the Thule Group.

Chariot Carriers was founded nearly 20 years ago. All products are developed and designed in Calgary, Canada, where about 30 employees are employed. Production takes place both in Canada and in China. Chariot is the market leader in its category in North America and in a number of European markets.

“Over the last two decades, Chariot Carriers has been committed to delivering product quality and integrity by constantly improving our designs and innovating with safe and convenient products for active families. When the Thule Group approached us, we were impressed with their similar focused approach to their brands and with their understanding of our business and markets. We felt that they were the perfect partner to help Chariot grow to the next level and to its full business potential worldwide. I am very pleased for both organizations that we have concluded this agreement. I look forward to this exciting new chapter together,” said Dan Britton, Chariot’s founder and part owner, who will continue in the company as director innovation.

The purchase of Chariot, which will be subject to formal approval by the European competition authorities, is the Thule Group's first acquisition since the Swedish private equity company Nordic Capital again took over as the dominant shareholder of the Group in December 2010. And it is also an important part in the development of the Thule Group in a position even closer to the consumer.

In April, the Thule Group’s new board was presented, including new Chairman Stefan Jacobsson (previously CEO and President at Puma and Abu Garcia), Lilian Fossum Biner (also on the Board of Oriflame and the Swedish retail chain Åhléns) and Lottie Svedenstedt (previously at the boards of H&M and IKEA). The changes in the Group’s board is - an important step in the Thule Group's change of direction towards an increased focus on brand building and retail.

Topics associated with this article: Mergers/Acquisitions

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