Glen Dimplex Snags Another Aussie Company
Electric heating giant Glen Dimplex Australia has acquired a majority stake in Victoria-based outdoor heating manufacturer Thermofilm, its fifth Aussie acquisition in recent years.
Thermofilm is known for its electric and gas outdoor heating products, including the Heatstrip and Bliss heaters, as well as the Crossray BBQ.
According to Glen Dimplex Australia CEO Dave Woodward, Glen Dimplex and Thermofilm have complementary product offerings, and the move will allow GDA the ability to expand into the outdoor space, which it has sought to do for some time.
“The market leading technologies that Thermofilm have developed over several decades, coupled with their premium positioning, complements our existing brands very well.
“We will now be able to expand our offering to retail partners, specifiers and architects and volume home builders to include the outdoor room,” he said.
Bob Reynolds, founder of Thermofilm, said the takeover would provide synergy to both his company and Glen Dimplex.
“Thermofilm will have the enormous benefit of access to new markets, new channels and the worldwide Glen Dimplex distribution network.
“The team at Thermofilm are looking forward to the opportunity of working with Glen Dimplex to achieve outstanding results in this new venture,” he said.
Reynolds, along with GM Steve Carroll and sales manager Greg Tresize, will stay in their current roles at Thermofilm, which will stay as a standalone trading entity for another two years after which GDA will have the option to buy the remaining shares.