Davis Polk advised Thule Group AB on its initial public offering of shares and listing on NASDAQ OMX Stockholm. A total of 26,086,957 shares were sold in the offering by Thule’s largest shareholders, NC Outdoor VI AB and NC Outdoor VII AB, entities controlled by funds managed by the private equity firm Nordic Capital. In connection with the offering, the selling shareholders also granted to the managers an overallotment option for an additional 3,913,043 shares. With an offer price set at SEK 70 per share, the total gross proceeds to the selling shareholder from the offering (assuming exercise of the overallotment option) amounted to SEK 2.1 billion (approximately $280 million). Goldman Sachs International and Nordea Bank AB acted as joint global coordinators and joint bookrunners in the offering. Morgan Stanley & Co. International plc acted as a joint bookrunner and Danske Bank A/S, Denmark, Sweden Branch and DNB Markets, a part of DNB Bank ASA, Sweden Branch acted as co-lead managers. 

Thule is a premium-branded sports and outdoor company, with global leadership in the sport and cargo carriers market (encompassing products such as bike carriers and roof racks) and is a leading company within several other outdoor and bags product markets, selling its products in 136 countries, primarily though the Thule and Case Logic brands. Founded in Sweden in 1942, Thule has a strong focus on products that enable consumers to enjoy an active life and bring with them the sports products or general gear they desire when carrying out their activities.  

The London-based Davis Polk corporate team advising as to U.S. law included partner Paul E. Kumleben, counsel Connie I. Milonakis and associate Andrei Takhteyev. The corporate team advising as to English law included partner Simon Witty and associate Dan Hirschovits. Partner John D. Paton and associate Omer Harel provided U.S. federal tax advice. Partner Jonathan Cooklin and counsel David Wilson provided U.K. tax advice. Partner Gregory S. Rowland and associate Jake H. Wang provided Investment Company Act advice. Members of the Davis Polk team are based in London and New York offices.