Dometic acquires enerdrive
Dometic Acquires Enerdrive
Stockholm, Sweden - May 18, 2021. On May 18, 2021, Dometic entered into an agreement to acquire Enerdrive – an Australian-based provider of mobile power products for the outdoor market.
The acquisition of Enerdrive strengthens Dometic’s offering of mobile power products, including solar power solutions, for the outdoor market in the Pacific region.
Enerdrive’s 2020 net sales were approximately AUD 28 million (~USD 22 million) with a good operating margin.
Enerdrive has a large Service and Aftermarket network of more than 1,200 dealers.
The transaction is expected to be accretive to Dometic’s EPS from start.
Description of Enerdrive
Enerdrive is an Australian-based provider of mobile power products, including solar power solutions, batteries and battery chargers. The products and solutions are sold to a broad customer range across RV, CPV and Marine. The company has a large Service and Aftermarket network of more than 1,200 dealers.
2020 net sales were approximately AUD 28 million (~USD 22 million) with a good operating margin.
The company is privately owned, has 45 employees and is headquartered in Brisbane, Australia.
Background and reasons for the transaction
The market demand for sustainable and effective off-grid mobile power solutions is rapidly increasing as more and more people spend time outdoors using a vehicle or boat as the base. The acquisition of Enerdrive broadens Dometic’s offering and distribution network in the Pacific region. The acquisition also increases Dometic’s presence and know-how in the fast-growing market for mobile solar power solutions.
"I am pleased to welcome Enerdrive and its employees to Dometic. With Enerdrive we are strengthening our product offering and distribution network in the fast-growing area of power solutions for the Outdoor lifestyle. Our strategy for profitable expansion in Mobile Living is built on a combination of organic and acquisitive growth. Enerdrive is our third announced acquisition this year and our pipeline of potential acquisitions in the near future remains strong." says Juan Vargues, President and CEO of Dometic.
The acquisition is fully financed via cash on hand and is expected to be accretive to Dometic’s EPS from start.
The transaction price is not material in relation to Dometic’s market capitalization and is not disclosed. Closing is expected to take place during the second quarter of 2021. The Enerdrive business will be reported as part of segment Asia Pacific.
- Minako Nakatsuma Olofzon
Dometic is a global market leader in the mobile living industry. Millions of people around the world use Dometic products in outdoor, residential, and professional applications. Our motivation is to create smart, sustainable, and reliable products with aspirational design for an outdoor and mobile lifestyle in the areas of Food & Beverage, Climate, Power & Control, and Other Applications. Dometic employs approximately 7,700 people worldwide, had net sales of SEK 16.2 billion in 2020 and is headquartered in Stockholm, Sweden.