Non-stop Thule sold for £350m

THULE, the leisure company that makes car rooftop boxes, rails, bike racks and trailers, has been sold to private equity group Candover in a deal which could be worth about £350m.

An announcement could be made as early as tomorrow.

The company was put up for sale by its owner, Scandinavian private equity group EQT, after rapid expansion caused by the growing number of people taking their cars on skiing and biking holidays.

Candover is understood to have won a hotly contested auction against Investcorp and Nordic Capital.

The company, which started as a one-man operation in Sweden, exports all over the world, selling through leading retailers including Halfords in Britain. It has about 2,000 staff at 20 production sites.

Thule reported an operating profit in 2003 of £15m.