Rhino-Rack sold to Clarus Corporation for US$198m
Global outdoor brand Clarus Corporation has paid US$198m for Australian-based Rhino-Rack, the supplier and distributor of transport accessories including fishing rod holders and kayak carriers.
Headquartered in Sydney and founded in 1992 by Managing Director Richard Cropley, Rhino-Rack is an iconic brand that has leading market share for its products in Australia and New Zealand and a growing presence globally, particularly in the US.
For the 12 months ended March 31st 2021 it generated approximately $US90m in net sales. Around 80% of that came from Australia and New Zealand and 20% from North America.
John Walbrecht, President of Clarus, said: “Rhino-Rack is a truly unique brand and one that we view as perfectly aligning with our Super Fan brand acquisition strategy. Since its founding, Richard Cropley has built a durable business with leading brand and market positions and a customer-centric focus.
“We intend to expand its product penetration in North America, organically grow its core Australia and New Zealand markets and capitalise on our existing network of key distributors and dealers to develop sales in the rest of the world.
Cropley said: “When we founded Rhino-Rack, we set out to create world-class roof racks for outdoor enthusiasts. After three decades we have developed a deep heritage and loyal and passionate user base, which we have expanded into a variety of other products and markets.
“We are excited to have a partner that shares our commitment to innovation and has a track record of growing successful brands across categories, regions and channels. Clarus will continue Rhino-Rack’s legacy of manufacturing products with superior design and engineering that our customers have come to expect and trust.”
The transaction is expected to close next month and following that the management team at Rhino-Rack will continue to run the business from its Sydney headquarters. It will operate independently as a wholly-owned subsidiary of Clarus.
Founded in 1991 in Salt Lake City, the Clarus Corporation is a leading manufacturer and distributor of outdoor equipment and lifestyle products in the climb, ski, mountain and sports markets.