Thule Group Acquires Curli AG for $13M to Expand Dog Transportation Portfolio

Why It Matters

The acquisition accelerates Thule’s strategy to dominate the high‑margin pet‑transport market, turning a fast‑growing niche into a flagship ‘Champion’ category. It also diversifies Thule’s financing mix, supporting further product innovation and international expansion.

Key Takeaways

• Thule buys Curli for SEK 118M ($13M) to expand dog gear
• Curli generated SEK 75M ($8M) revenue in 2025
• Acquisition adds premium vest harnesses for small dogs to Thule
• Thule plans larger‑dog harness launch in fall 2026
• Thule issued SEK 1B ($109M) bond, oversubscribed 2.6×

Pulse Analysis

The global pet accessories market has surged in recent years, driven by rising pet ownership and a willingness to spend on premium safety gear. Dog‑transport products, in particular, have become a high‑margin segment as owners seek reliable solutions for car and bike travel. Thule’s entry into this space aligns with broader consumer trends toward active lifestyles and the need for rugged, tested equipment that protects both pets and owners.

By acquiring Curli, Thule instantly gains a foothold in the premium vest‑style harness niche, a segment where Curli already enjoys a reputation for quality and performance in mountainous environments. The integration allows Thule to broaden its product suite beyond the crash‑tested Allax crate introduced in 2024, offering a seamless ecosystem of dog‑transport solutions. The planned launch of larger‑dog harnesses under the Thule brand in fall 2026 will fill a gap in its lineup, leveraging Curli’s design expertise and Thule’s extensive distribution network to capture market share from competitors.

Financing the deal, Thule tapped the capital markets with a SEK 1 billion ($109 million) senior unsecured bond, which was oversubscribed 2.6 times, reflecting strong investor confidence. The proceeds provide flexibility for the Curli integration, product development, and broader corporate initiatives. This diversified funding approach reduces reliance on traditional bank loans and positions Thule to pursue further strategic acquisitions, reinforcing its ambition to build multiple ‘Champion’ categories across outdoor and mobility segments.

Deal Summary

Swedish outdoor gear maker Thule Group announced it has agreed to acquire Swiss dog harness maker Curli AG for SEK 118 million ($13 million). The acquisition adds Curli’s premium vest-style harnesses to Thule’s growing dog transportation product line and will enable broader distribution and new product launches. The deal strengthens Thule’s position in the pet accessories market.