The deal accelerates Thule’s push into dog transportation – a category the Swedish outdoor group has designated as a future global leadership priority – and adds harness expertise to its existing crate and carrier range.
Thule Group has signed an agreement to acquire curli AG, a Swiss dog harness specialist, in the latest move by the Swedish outdoor company to position dog transportation as one of its lead global product categories.
The initial purchase price is CHF 10.1 million (approx. €10.5 million), on a cash- and debt-free basis, equivalent to a 7x multiple of curli’s earnings before interest and taxes (EBIT) for 2025.
The bet on a growing category: dog transportation
Thule has categorized dog transportation as a future “Champion” – its internal label for product areas where it aims to achieve global market leadership and sustain a consistent innovation edge over competitors. The company entered the segment in 2024 with the launch of the Thule Allax, a crash-tested dog crate, and has since added products for car and bike transport.
The curli acquisition fills a gap in that range. While Thule’s existing lineup focuses on structural transport – crates, carriers, bike trailers – curli brings expertise in wearable harness design, a distinct and complementary product category. curli’s products are sold through retailers in approximately 60 countries, with Europe and North America as its primary markets. The company generated CHF 6.4 million (approx. €6.6 million) in revenue in 2025, with a 20 percent EBIT margin.
Who is curli?
Founded in Switzerland in 2010 by Mark Zimmerman and Roland Primus, curli grew out of the founders’ background in mountaineering. Their harness knowledge, originally developed for mountain environments, became the basis for a dog harness range recognized in the premium segment, particularly vest-style products designed for smaller dogs. Zimmerman and Primus will remain in their current roles following the acquisition.
Deal timeline and integration into the Thule brand
Over time, curli products will be integrated under the Thule brand. Harnesses for larger dogs are expected to reach the market under the Thule name in fall 2026. The transaction is expected to close during the second quarter of 2026, subject to customary conditions. The press release states the deal is not expected to have a material impact on Thule’s total sales or earnings.
