EQT V submits offer to acquire Dometic Group

  • EQT V has submitted an offer to acquire Dometic Group for SEK 12 billion from a consortium of lenders, board directors and employees. The Dometic Group Board of Directors will recommend that the offer is accepted.
  • Management intends to reinvest 55% of the transaction proceeds in Dometic Group.
  • EQT V will support and develop Dometic Group’s growth-oriented strategy.

EQT V (”EQT”) has submitted an offer to acquire Dometic Group from a consortium of lenders (70%), the board of directors and employees of Dometic Group (30%). Offer completion is subject to approval by an Extraordinary General Meeting of Dometic Group expected to be held within a few weeks. Group management of Dometic Group intends to reinvest 55% of the proceeds the transaction will generate. The total transaction value is approximately SEK 12 billion, amounting to around 8.9 times the 2010 operating profit (EBITDA) of SEK 1.35 billion.

"Dometic Group has a very strong market position and a competitive product range. EQT, together with Dometic Group employees and industrialists from the EQT network, will work to support the company's growth-oriented strategy by broadening the product offering, expanding the geographic foot-print and continue to invest in the aftermarket. Growth will be EQT’s focus," says Johan Hähnel, press spokesman EQT V.

Dometic Group is a leading global provider of leisure products for the caravan, motor-home, car, truck, hotel and boat industries. The product range includes refrigerators, sun shades, cookers, sanitation systems, lighting, power equipment, comfort and safety equipment, windows, doors and equipment for air conditioning. Dometic Group also delivers a wide range of workshop equipment for service and maintenance of built-in air conditioners.

The products are sold in nearly 100 countries and are produced mainly in 21 company owned production facilities around the world. The group has around 6,000 employees in total, with sales in 2010 of approximately SEK 8 billion.

Dometic Group was acquired in 2001 by EQT III from the Electrolux Group. EQT III sold Dometic in 2005 after sales had increased from SEK 5.6 billion to almost SEK 7 billion during EQT III´s ownership and EBITDA had increased annually by 11.5% in the same period. In 2009, ownership was passed by the owner of Dometic to a consortium of lenders and management as part of a financial restructuring.

Johan Hähnel, Press Spokesman EQT V
+46 8 506 55 334

About EQT
is the leading private equity group in Northern Europe with more than EUR 13 billion in raised capital and multiple investment strategies. Together with a superior network of Industrial Advisors, EQT implements its business concept by acquiring or financing good medium-sized to large companies in Northern and Eastern Europe, Asia and the United States, developing them into leading companies. Development is achieved by applying an industrial strategy with focus on growth. Since inception, EQT has invested EUR 9.7 billion in more than 85 companies and exited more than 40. EQT-owned companies have more than 500,000 employees.

EQT V makes controlling investments in market-leading, medium-sized companies in growing industries in Northern Europe. The committed capital of EQT V is EUR 4.25 billion.

EQT Partners, acting as investment advisor to the managers of each EQT fund, has more than 100 investment professionals with an extensive industrial and financial competence. EQT Partners has offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo, London, Munich, New York, Shanghai, Singapore, Stockholm, Warsaw and Zurich.

More information can be found on www.eqt.se

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