December 20, 2018 - Assignment

Thule Group acquires leading North American roof top tent company

Thule Group has acquired Tepui Outdoors, Inc., a leader in roof top tents in North America. The acquisition will further enhance Thule Group's expanding portfolio of products focused on an active lifestyle.

The total purchase price is USD 9.5 million, on a debt-free/cash-free basis, with a potential maximum earn-out payment of USD 1.75 million, which is based on revenue performance during the period 2019-2020. Tepui Outdoors, Inc. was founded in 2010 by Evan and Gabriela Currid. The company is based out of Santa Cruz, California and has approximately 20 employees and net sales for 2018 is expected to be approximately USD 6.5 million.

Thule was advised by Mannheimer Swartling in the transaction.