Car roof trailblazer goes up for sale

THULE, one of the world's largest makers of car roof boxes, is for sale at a price of about £350m. Investment bank UBS has been appointed to handle the auction.

The company was founded in Sweden as a one-man business more than 60 years ago. It has grown rapidly as sports enthusiasts increasingly carry skis, cycles and other gear on their cars.

Thule sells through leading retailers including Halfords. It employs about 2,000 staff in Europe, North America and Asia and reported an operating profit of £15m in 2003.

The Scandinavian private equity group EQT took an 83% stake in the company in 1999 and is believed to have backed moves for a float.

However, several private equity groups came forward and a sale is now expected within weeks. Potential bidders could include PAI, Candover and Montagu.