Dometic completes $677m takeover of Igloo

Swedish outdoor accessories maker Dometic has completed its agreement to acquire Igloo, the North American cooler and drinkware brand.

Angling International first reported the deal in September, but Dometic closed the $677 million transaction with private equity group ACON Investments last week after receiving certain regulatory approvals.

The acquisition makes Texas-based Igloo, which produces coolers and ice chests for the fishing market, America’s leading player in the category with a global market of around $8 billion. The agreement also includes an earn-out element of a maximum of $223 million, to be realised depending on Igloo’s future EBITDA performance.

“It is Dometic’s eighth acquisition this year and aligns with our strategy to position Dometic as a more consumer-driven, less cyclical company in a fast-growing outdoor business,” said Juan Vargues, President and CEO.

Igloo reported net sales of $401 million for the year ended July 2021, a 24% increase on the previous 12 months.

ACON bought Igloo in 2014 from J.H. Whitney, a Connecticut-based private equity firm.