Thule Group has acquired Tepui Outdoors Inc., a North American rooftop tents company, for $9.5 million. The debt-free transaction carries a potential maximum earn-out payment of $1.75 million, which is based on revenue performance during the financial period spanning 2019 thorugh 2020.
“Rooftop tents offer consumers a great way to utilize their existing cars for self-reliant overnight travel to remote destinations, where the journey is the principal goal. The overlanding category has been growing steadily over the last few years and we are very pleased to add this great assortment of high-quality rooftop tents and accessories to our broad portfolio of products that cater to consumers who enjoy living an active life,” said Magnus Welander, CEO and president of the Thule Group.
Tepui Outdoors Inc. was founded in 2010 by Evan and Gabriela Currid. The company is based out of Santa Cruz, California, and led by Evan Currid, who will continue to manage the product category within Thule Group. Tepui Outdoors Inc. has approximately 20 employees and. The company’s expected net sales for 2018 was $6.5 million.
“The synergies between the Thule brand’s market leading expertise for transport solutions on the car and Tepui rooftop tents exist in both consumer marketing and in the supply chain,” Welander said. “When combined with the mutual philosophies on high quality, smart engineering and great design, as well as a shared passion for the outdoors, Tepui is a natural fit to our portfolio.”
The acquisition is not expected to have a material impact on Thule Group’s total sales and profits and the rooftop tent category will be consolidated into the sport & cargo carrier product category in reporting going forward.
Thule Group has approximately 2,200 employees at nine production facilities and 35 sales offices worldwide.