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Home » Investindustrial to Acquire Jacuzzi Brands

Investindustrial to Acquire Jacuzzi Brands

January 18, 2019
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Investindustrial to Acquire Jacuzzi Brands

An investment subsidiary of Investindustrial VI L.P. (“Investindustrial”) has entered into a definitive agreement to acquire Jupiter Holding I Corp. (“Jacuzzi Brands” or “the Company”), owner of several spa and bath products brands, among them Jacuzzi, from investment funds affiliated with each of Apollo Global Management, LLC, Ares Management Corporation, and Clearlake Capital Group, L.P. Investindustrial has invited Nottingham Spirk Design Associates (“Nottingham Spirk”) to be a business innovation and product design partner and to co-invest in the Company as a minority shareholder.

Terms of the transaction have not been disclosed. The transaction is subject to customary regulatory approval and is expected to close in the first quarter of 2019.

Jacuzzi Brands is a global manufacturer of premium spas, swim spas, whirlpool, soaker and walk-in bathtubs and related bathroom products and accessories. The Company believes that "when we feel good, we live a better life." It operates under multiple brands, including Jacuzzi, Sundance, Dimension One Spas, Hydropool, ThermoSpas and BathWraps. The Company’s flagship brand, Jacuzzi, is the most recognized in the world for spa and hydrotherapy bathing.

Jacuzzi Brands, founded in 1956 by an Italian family, is the clear European market leader and is the co-leader in the U.S. spa sector. The Company generated revenues of approximately $500 million in fiscal year 2018, operates eight facilities across North America, Europe and South America with more than 1 million square feet of manufacturing space and has its main European manufacturing facility in northeastern Italy.

“I am extremely happy about the acquisition of Jacuzzi Brands by Investindustrial," said Bob Rowan, CEO of Jacuzzi Brands. "Their expertise in growing premium brands, combined with the product development resources of Nottingham Spirk, makes this a perfect match to ensure a bright future for our valued customers and dedicated employees.”

Investindustrial has experience in the high end of the home products segment through its investments in Flos, B&B Italia and Louis Poulsen. Jacuzzi Brands will have access to Investindustrial’s relationships, including world-class designers, to accelerate the Company’s growth through innovation, product development, and research and development. Investindustrial will support each of the Company’s brands to increase awareness and dealer leads.

"We are delighted to welcome Jacuzzi to join our portfolio of investments in premium brands," said Andrea C. Bonomi, Investindustrial’s chairman of the industrial advisory board. "Investindustrial has enjoyed success in supporting businesses with iconic brands operating in the home design sector. Jacuzzi Brands is a company with Italian heritage and is a globally recognized brand with a quality management team. We are excited about the opportunity to contribute to Jacuzzi Brands' next phase of development. We see significant untapped potential and will work closely with management to grow the business through product innovation and an expansion of the Company’s footprint.”

Investindustrial has designated Charles “Chuck” Huebner as the incoming executive chairman of Jacuzzi Brands. Most recently, Huebner was CEO of Dacor, which designs, manufactures and markets a full range of premium kitchen appliances.

"Investindustrial’s success in supporting management teams and building premium brands will be crucial in consolidating our presence in North America and Europe and expanding into new markets; Nottingham Spirk will help the Company develop innovative new products that best meet consumer needs," said Huebner. "Our new ownership will provide significant resources to invest behind our dealer partners with new marketing programs.”

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