Dometic entered into an agreement to acquire Cadac International – a provider of premium barbecues and accessories to the vehicle-based outdoor market.
DESCRIPTION OF CADAC
Cadac is a provider of premium outdoor barbecues and accessories to mainly the vehicle-based outdoor market. The products are sold primarily across Europe through a network of more than 600 dealers and their own B2C e-channels. Net sales in 2020 were approx. EUR 17 million with a good operating margin. The company is privately owned and has approximately 40 full-time employees.
BACKGROUND AND REASON FOR THE TRANSACTION
Dometic has identified the vehicle-based outdoor market as a strong growth opportunity as more and more people spend time outdoors using a vehicle or boat as the base. Cadac, with its offering of premium outdoor barbecue products, is a perfect fit to Dometic’s existing offering of cooling boxes, tents, mobile power solutions and other outdoor equipment.
“I am pleased to welcome Cadac and its employees to Dometic. With this acquisition, we are strengthening our offering and distribution network for the growing outdoor lifestyle market. Our strategy for profitable expansion in Mobile Living is built on a combination of organic and acquisitive growth. This is our seventh announced acquisition this year and our pipeline of potential future acquisitions remains strong.”
says Juan Vargues, President and CEO of Dometic.
The acquisition is fully financed via cash on hand and is expected to be accretive to Dometic’s EPS from start.
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 fourth quarter of 2021. Cadac will be reported as part of segment EMEA.