Swedish brand Dometic will acquire Igloo — America’s well-known cooler and drinkware brand — in a deal announced today.
In a $677 million deal announced today, Dometic — an RV appliance and electric cooler-maker — will acquire U.S.-based Igloo, the iconic manufacturer of coolers and drinkware.
“I am excited to welcome Igloo and its employees to Dometic,” Juan Vargues, president of Dometic, said in a statement. “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.”
Vargues cited Igloo’s brand recognition, American manufacturing capabilities, and the fact that the U.S. is “the largest market for cooling boxes and outdoor products” as drivers behind the acquisition and brand expansion.
This marks Dometic’s eighth acquisition in 2021, including Cadac, maker of vehicle-based barbecue products; German mobile power brand Buttner Elektronik; Zamp Solar; and, perhaps most notably, overland adventure brand Front Runner Outfitters.
According to today’s announcement, Igloo boasts $400 million in annual revenue — 92% of which is within the U.S. market.
The move is a bit of a surprise, as Igloo has become something of a heritage brand since its founding in 1947. And it recently garnered headlines for its push into more sustainable tech advances in the cooler industry.
GearJunkie awarded it Best in Show when it unveiled the first biodegradable alternative to disposable styrofoam coolers. And just a year later, Igloo upgraded its iconic Playmate hardside cooler with “bio-plastic.”
The deal is huge for Dometic. Since its launch in 2001, it’s now poised to become an even bigger player in the outdoor and RV industry. Its products will extend from appliances to coolers, to drinkware, accessories, and more.
Closing of the deal is expected in the fourth quarter of 2021.