The Thule Group has acquired Denver Outfitters, an American producer of vehicle-mounted fishing-rod carriers.
The Thule Group has acquired Denver Outfitters, an American producer of vehicle-mounted fishing-rod carriers. The company was founded in 2010 and is based in Denver, Colorado, although its website lists an address in Seymour, Connecticut. A banner on the homepage acknowledges the acquisition and says that deliveries of outstanding orders were set to resume on Jan. 8.
The financial terms of the deal remain undisclosed. According to Thule, however, Denver Outfitters generated less than $1 million in revenues last year, and should therefore have no material effect on Thule’s books.
What the acquisition should do is to expand Thule’s product range in camping and outdoor lifestyle. The Swedish company is known for its roof racks, roof boxes and bike racks, as well as strollers, bags and sleeves of various kinds. At the end of 2018, it added roof-top tents and van awnings for the North American market through its takeover of another local firm, Tupui Outdoors, for a basic purchase price of $9.5 million plus an earnout.
Thule’s chief executive, Magnus Welander, notes that there are almost 50 million recreational anglers in North America and that, while it is a small market, fly fishing is the fastest-growing segment in fishing. It is one of Denver Outfitters’ two product categories, alongside with vaults for standard fishing tackle.
As we have previously reported (SGI Europe Vol. 30 n°39+40 of Nov. 11, 2019), Thule saw is sales for North America decline by 2 percent in constant currencies in the third quarter of 2019, the most recent period for which figures are available. The company attributed the decline to U.S. tariffs on Chinese imports.