Dometic Acquires Oceanair and Strengthens its Presence in the Marine Market
SOLNA, Sweden, Feb 7, 2017 /PRNewswire/ -- Dometic Group ("Dometic"), the global market leader in solutions for mobile living, has acquired Oceanair, a UK-based market-leading manufacturer of marine blinds, screens and soft furnishings primarily for the Leisure Marine and Super Yacht segments. The acquisition strengthens Dometic's presence in the marine market and broadens the product portfolio.
Dometic Group ("Dometic"), the global market leader in solutions for mobile living, has acquired Oceanair, a UK-based market-leading manufacturer of marine blinds, screens and soft furnishings primarily for the Leisure Marine and Super Yacht segments. The acquisition strengthens Dometic's presence in the marine market and broadens the product portfolio.
Over the last years, Oceanair has been the leader in the OEM supply for hatch and window coverings, exhibiting a favorable topline and profitability trend. For the fiscal year 2015/16, the company reported revenues of GBP 11.4 million. Oceanair has its main operations and manufacturing in the UK, with an additional manufacturing facility in the US. The company has sales to customers in 32 countries and it employs c.200 people in total.
"Oceanair is a well-run company with a strong position in its segments. In addition to strengthening Dometic's presence in the marine market, we also expect significant engineering and commercial synergies as well as stand-alone opportunities from the acquisition. All in all, this is an excellent addition to Dometic and another step in our active portfolio management", says Roger Johansson, President and CEO of Dometic.
"Oceanair has had a great journey over the last 25 years, delivering on some of the most creative and challenging marine projects. With Dometic as our new owner, we will be able to reach an ever larger customer base while continuing to excel in blind engineering and manufacturing", says Andy FitzGerald, Managing Director of Oceanair.
The initial purchase price is GBP 14.0 million in cash with additional earn-out consideration of maximum GBP 2.5 million subject to the achievement of certain performance-related targets over the next 16 months. The acquisition was completed today.
For more information, please contact:
Erika Ståhl, Head of Business Control & Investor Relations
Tel: +46 8 501 025 24
Email: ir@dometicgroup.com
This information is information that Dometic Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 11.00 CET on 7 February 2017.
ABOUT DOMETIC GROUP Dometic is a global market leader in branded solutions for mobile living in the areas of Climate, Hygiene & Sanitation and Food & Beverage. Dometic operates in the Americas, EMEA and Asia Pacific, providing products for use in recreational vehicles, trucks and premium cars, pleasure and workboats, and for a variety of other uses. Dometic offer products and solutions that enrich people's experiences away from home, whether in a motorhome, caravan, boat or a truck. Our motivation is to create smart and reliable products with outstanding design. We operate 22 manufacturing/assembly sites in nine countries, sell our products in approximately 100 countries and manufacture approximately 85% of products sold in-house. We have a global distribution and dealer network in place to serve the aftermarket. Dometic employs approximately 6,500 people worldwide, had net sales of SEK 11.5 billion in 2015 and is headquartered in Solna, Sweden.
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