Dometic Acquires Igloo, Expanding Reach in Outdoor Lifestyle Market
The company called the acquisition a major step in the its longterm strategy to continue outdoor industry growth.
In its eighth acquisition this year, Dometic is acquiring Igloo Products Corp for $644 million, to be finalized and closed in the fourth quarter of 2021. To date, this marks the most recognizable brand acquisition into the supplier’s prod
“This is a very important step for us,” said Juan Vargues, president and CEO of Dometic. “This is opening a new idea for us. We see Igloo as another growth platform that will help us to penetrate the outdoor market. We are becoming more and more of an outdoor lifestyle company every day.”
Other important 2021 acquisitions by Dometic include Valterra Products and Zamp Solar. Dometic consisted of 6,500 employees worldwide before the acquisition. Igloo has 1,100 employees, including 600 to 700 in manufacturing
“Our strategy for profitable expansion is built on a combination of organic and acquisitive growth,” Vargues said. “…Our pipeline of potential future acquisitions remains strong.”
Igloo grew sales in the past 12 months by 24% to $401 million. The company had been owned by the private equity group ACON Investments, which acquired Igloo in 2014.
“I am extremely proud of everyone on our team who has worked so hard in building Igloo into an iconic American brand,” said Dave Allen, president and CEO of Igloo. “As part of the Dometic Group, we look forward to combining our resources in order to accelerate innovation and growth across the globe.”
Founded in 1947, Igloo has 92% of net sales in the U.S. and products available in more than 90,000 retail stores globally. Igloo will continue to operate under its existing brands, Dometic said.