Dometic’s acquisition of Igloo is now officially closed.
The deal was originally announced Sept. 17. Dometic acquired Igloo from the private equity group ACON Investments. Completion of the transaction was subject to certain regulatory approvals that now have been completed.
Igloo is a global provider of passive cooling boxes and drinkware products for the outdoor market. Founded in 1947, Igloo is perceived as one of the leading manufacturers in the world with an iconic brand, a wide product range and strong consumer orientation, according to its new parent company. With 92 percent of net sales in the U.S. and products available in more than 90,000 retail stores globally, Igloo also has its own fast-growing direct-to-consumer sales channel. With its own manufacturing facility in Texas, products are primarily manufactured in-house, giving cost benefits, flexibility and short lead-times for the North American market. Igloo has 1,100 employees and is headquartered in Katy, Texas.
“I am excited to welcome Igloo and its employees to Dometic. This acquisition is in line with our strategy to position Dometic as a more consumer driven, less cyclical company in the fast-growing outdoor business,” said Juan Vargues, president and CEO of Dometic. “North America is the largest market for cooling boxes and outdoor products, and with Igloo’s strong brand recognition, consumer knowledge and local manufacturing capabilities, we are getting the necessary tools to further drive our sales and margin expansion.”
As announced on Sept. 17, Dometic acquires Igloo for $677 million, on a cash- and debt-free basis.
