for Igloo, a Texas company that makes chillers fit for the great outdoors. The transaction offers few efficiency gains – after all, there’s minimal overlap between Igloo’s beer coolers and Dometic’s suite of caravanning accessories. A slowdown in the pandemic-driven camping boom is another risk.
Currently, private equity-owned Igloo is on fire. Revenue grew 24% in the last 12 months to $401 million. Yet sustaining that looks tough as the health crisis ebbs. Assume growth slows to 10% but Dometic keeps Igloo’s 10% EBITDA margin while cutting capex to zero. After $5 million of stated annual cost savings and Sweden’s 21% corporation tax, the deal offers only a 6% return on investment. In reality, depreciation charges will depress that further.
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