In 2024, Thule, the Swedish specialist in accessories for cars, motorbikes and bikes, and in bags and luggage, acquired Reacha, a German brand known for modular trailers, producer of an innovative solution to transport kayaks and equipment for other sports on a bicycle trailer. The acquisition boosted Thule’s market position thanks to Reacha’s well-established know-how in car transport solutions for sports equipment, and it also gave Thule the opportunity to enter the bicycle trailer category. At the end of last year, Thule also bought Quad Lock, Australia’s leading brand of mobile phone accessories for bikes and motorbikes, entering another new product category. In fiscal 2024, Thule recorded a 5% revenue rise, to over SEK9.5 billion (over €873 million).

“Reacha integrates seamlessly with our current bicycle transport solutions,” said Martin Pråme Malmqvist, international product manager at Thule, in a press release. “With Reacha joining the Thule family, we can offer people even more ways for transporting their equipment. Thanks to Thule’s extensive distribution network and global sales force, Reacha trailers will be accessible by a much wider audience,” he added.
 
The Thule group was founded in 1942 in Hillerstorp, in Sweden’s Småland region. In fiscal 2024, Thule recorded revenue of SEK 9.541 billion (about €873 million), up nearly 5% over the SEK9.132 billion generated in 2023. The group set its revenue record in 2021, with SEK 10.138 billion (€930 million). Operating profit in 2024 was SEK 1.622 billion (€148.5 million), up 8%, while gross operating margin was 17%, 0.5 percentage points higher than in 2023 (the margin record was set in 2021, at 22.5%). Net profit was SEK 1.122 billion (over €100 million), up 2%, and cash flow was SEK 2.31 billion (€211.5 million), up 25%. In 2024, Thule generated 4% of its net revenue in Sweden, 26% of it in the Americas, and 70% in Europe and the rest of the world.

The group operates 35 international commercial offices, has 2,800 employees worldwide and is present in 138 markets, as well as having nine manufacturing sites in ​​​​seven countries. The components manufacturing and assembly plants are located in Menen (Belgium), Hillerstorp (Sweden), Huta (Poland) and Seymour (Connecticut, USA). Roof boxes are produced in Haverhill (UK), Chicago (Illinois, USA), Neumarkt (Germany) and Itupeva (Brazil). The Piła site in Poland specialises in product assembly, while Thule’s corporate headquarters are in Malmö, Sweden.
 
By product category, Thule generated 59% of its 2024 revenue in the bike carrier, sports carrier and roof rack segment; 18% of revenue in the RV category; 13% in the juvenile and pets category; and 10% in packs, bags and luggage, a category that includes duffel bags, backpacks, laptop bags, suitcases, rucksacks, consumer camera bags and consumer electronics cases.

Starting in 2025, the latter category will be renamed ‘bags and mounts’, and will also incorporate the products added following the acquisition of Quad Lock, completed in December 2024. Quad Lock is the market leader in performance phone-mount solutions, giving cyclists, motorcyclists and other travellers access to their mobile phones on the go. In 2024, it recorded a revenue of approximately SEK 1.4 billion (€130 million) and EBITDA margin of 25%, and its products are distributed in 100 countries.
 
Quad Lock is based in Melbourne, Australia, and its DTC sales account for 75% of revenue, compared to approximately 7% in the case of Thule. The acquisition will enable Quad Lock to tap Thule’s extensive dealer network, and has opened up interesting expansion opportunities for Thule, given that Quad Lock has a strong market position among cyclists and a large customer group within motorsports practitioners.

“Thule has proven that growth and improved profitability are possible even in a challenging consumer market. In 2024, we launched more new products than ever before, added three new product categories, car seats, dog seats and a third through the Quad Lock acquisition, and strengthened our direct-to-consumer channel,” said Mattias Ankarberg, CEO and president of Thule, in a press release. “Updated best-sellers such as our market-leading jogging and all-terrain stroller Thule Urban Glide, our updated Thule Chasm duffel bag, and our next-generation multisport and bike trailer, Thule Chariot, have delivered excellent growth for us. By building on our strengths and scaling up what we excel at, we are well on track to reach our financial targets for 2030: a significantly larger Thule with even higher profitability,” added Ankarberg.
 
Ankarberg also mapped out the group’s goals for the near future. Thule will focus on market-leadership positions in attractive product categories; on product-driven growth to expand its market share; on making new acquisitions to complement organic growth; on linking Thule’s culture as a premium brand to its products; on boosting supply chain efficiency and capacity, as well as visibility with consumers; and on continuing to invest in product development.

As a result of the group’s activity and its positive results, Thule’s long-term financial objectives remain unchanged, as set out by the board of directors and published in 2022: by 2030, the group is targeting a revenue of SEK 20 billion (€1.83 billion) and EBIT margin of over 20%.
 
Finally, with a focus on sustainability, the Thule group has signed the global commitment to achieve net zero greenhouse gas emissions (GHG) across its value chain by 2050, in line with the Paris Agreement target of a global average temperature rise not exceeding 1.5° C. In addition, the Science-Based Targets initiative has validated and endorsed the group’s GHG reduction targets throughout the value chain.