Dometic Acquires Twin Eagles
On February 02, 2021, In Industry News by Greg Thompson
STOCKHOLM, SE - On February 2, 2021, Dometic entered into an agreement to acquire Twin Eagles, a U.S. manufacturer of freestanding and built-in grills and outdoor kitchen solutions for the residential outdoor market. The acquisition strengthens Dometic’s offering in the fast-growing residential outdoor area in North America.
According to a Dometic press release, Twin Eagles’ annual net sales is $34 million with a good operating margin. Twin Eagles is a North American provider of freestanding and built-in grills, outdoor refrigerators and other outdoor kitchen solutions for the mid- to high-end residential market. The company’s products are sold under the brands Twin Eagles and Delta Heat. The products are available at more than 400 dealers across the U.S. and Canada, including several online retailers.
Founded in 1999, Twin Eagles is headquartered in Cerritos, California and has 130 employees. Manufacturing is primarily done in its own manufacturing facility in the United States. Dometic has identified residential outdoor as an area with strong potential for growth. Twin Eagles will be a strong asset in the offering on this growing market that is further fueled by consumer appetites for staycation and outdoor living.
“I am pleased to welcome Twin Eagles and its employees to the Dometic family,” says Juan Vargues, president and CEO of Dometic. “Twin Eagles fulfils all prerequisites that Dometic has set for acquired expansion, with proven profitable growth, strong market positions and strong management. The acquisition is part of our strategy of broaden our Residential product offering and expand into new vertical end markets. The customer feedback on our recently launched Dometic MoBar has been extremely positive and this acquisition will give us a unique position to expand sales in the fast-growing Residential outdoor market in North America.”
The acquisition is fully financed via cash on hand.The transaction price was not disclosed. Closing is expected to take place during the first quarter of 2021.
