Mobile accessories brand Quad Lock acquired by Thule for $500m
Quadrant Private Equity has sold its majority stake in Quad Lock, a Melbourne-based company specialising in outdoor phone mounts, to Swedish firm Thule. The deal values Quad Lock at $500 million.
Transaction snapshot
Deal value: $500 million
Deal multiples: 2.5x revenue, 10x earnings
Deal type: Majority stake sale with part equity rollover
Investors: Thule Group
Quad Lock, founded in 2011 by Rob Ward and Chris Peters, produces mounts that secure smartphones to bikes, boats, and cars, even on rough terrain. It has grown rapidly, capitalising on trends in outdoor adventure and smartphone usage. Quadrant acquired a 60% stake in 2020, with the founders retaining a significant minority share.
Under the deal, Quadrant will receive 80% of the payment in cash and 20% in Thule shares, equating to a 1% ownership in the Swedish company. Ward and Peters will also hold Thule shares. Thule, listed in Stockholm, is well-known for roof boxes, bike racks, and other outdoor gear, making Quad Lock a strategic addition to its product range.
Quad Lock has experienced substantial growth during Quadrant’s ownership. Sales surged from $48 million to over $200 million, while earnings rose from $10 million to $50 million. Quadrant enhanced operations by installing a new management team, tripling the product development team, and expanding marketing efforts. Prominent ambassadors, including Formula 1 driver Oscar Piastri and former motocross racer Ricky Carmichael, boosted its global reach.
Andrew Poole, Quad Lock's CEO, will remain in his role under Thule's ownership. Ward and Peters view the acquisition as a significant step for Quad Lock’s long-term growth, leveraging Thule's expertise in high-quality product development.
Quadrant’s Growth Fund, which holds Quad Lock, has seen several other successful exits, including ModiBodi and Arq Enterprise. The fund still holds assets such as Adore Beauty, Prime100, and Dog food company Prime100.
