On Feb. 2, 2021, Dometic entered into an agreement to acquire Twin Eagles, a leading 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.
Twin Eagles’ annual net sales is $34 million and has a good operating margin. The transaction is expected to be accretive to Dometic’s EPS from start. The company’s products are sold under the brands Twin Eagles and Delta Heat, and the products are available at more than 400 dealers across the US and Canada including several online retailers. Founded in 1999, Twin Eagles is headquartered in Cerritos, Calif., and has 130 employees. Manufacturing is primarily done in its own manufacturing facility in the U.S.
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 consumers appetite for staycation and outdoor living.
“I am pleased to welcome Twin Eagles and its employees to the Dometic family,” said Juan Vargues, president and CEO of Dometic. “Twin Eagles fulfills 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 and is expected to be accretive to Dometic’s EPS from start. The transaction price is not disclosed. Closing is expected to take place during Q1 2021.