Sweden’s Thule has acquired fellow European child seat makers GMG B.V.
Selling into the Benelux market, GMG B.V. is the maker of products from Yepp and had sales totaling $6.8 million in 2015.
“I am happy to add the strong product assortment from GMG B.V. to our already impressive product portfolio within the Active with Kids product category. The acquisition of GMG B.V. is complementary to our existing Thule RideAlong child bike seat assortment and fits our strategy to grow in this key category with strong growth from recent launches of e.g. the Thule Glide jogging strollers and the Thule Sapling child carrier backpacks”, says Magnus Welander, CEO and President Thule Group.
GMG B.V. has operated with a lean product focused sales and marketing organization with 6 employees and office in Zwanenburg in the Netherlands. The total purchase price for GMG B.V. was €10 million, on a debt-free/cash-free basis.
The acquisition is not expected to have a material impact on Thule Group’s total sales and profits.