26th February 2019 - An investment subsidiary of Investindustrial VI L.P. ("Investindustrial") has completed the previously announced acquisition of 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.
Affiliates of Nottingham Spirk Design Associates, Inc ("Nottingham Spirk") have also invested in the Company as business innovation partners.
In conjunction with the acquisition, the Company has appointed Charles "Chuck" Huebner as the new CEO of Jacuzzi Brands. Most recently, Huebner was CEO of Dacor, Inc., which designs, manufactures and markets a full range of ultra-premium kitchen appliances.
Huebner commented, "I am thrilled to have been given the exciting opportunity to lead Jacuzzi Brands into its next phase of development and growth. We have an extraordinary team here at the Company, and I will build on the great accomplishments of Bob Rowan in executing the Company's mission of growing Jacuzzi Brands. We will pursue growth through innovation, investment, increased market awareness, and expansion of our presence in North America, Europe and other markets. Through a stronger relationship with our dealer partners, we will be supporting our brands with new marketing programs."
Bob Rowan, former CEO of Jacuzzi Brands, will continue working with the Company as an advisor. Rowan said, "I am extremely happy about the acquisition of Jacuzzi Brands by Investindustrial, and I am looking forward to supporting their efforts in an advisory capacity. Having worked alongside Chuck during the past few months, I am confident he will be a great leader for this new phase of Jacuzzi Brands. As for Investindustrial, the history, track record, international reach and vision of the new ownership speaks for itself. Their strong expertise in manufacturing and in growing premium brands, along with their vast international network in the design world, will provide the additional resources we need to accomplish our business plan."
Investindustrial's legal advisor was White & Case LLP. Jacuzzi's legal advisor was O'Melveny & Myers LLP.
About Jacuzzi BrandsJacuzzi Brands, headquartered in Chino Hills, CA, 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.' The Company 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.
About InvestindustrialInvestindustrial is a leading European group of independently managed investment, holding and advisory companies with EUR6.8 billion ($7.8 billion) of raised fund capital, which provides commercial solutions and capital to mid-market companies. Its mission is to actively contribute to the development of the companies in which it invests, by creating growth opportunities and offering global solutions through an entrepreneurial vision. Investindustrial has a history of more than 28 years of successfully partnering with premium brands such as Aston Martin and Ducati and leading global home design businesses such as B&B Italia, Flos and Louis Poulsen.
Additional information is available at www.investindustrial.com.
About Nottingham SpirkNottingham Spirk is a highly successful business innovation and product design firm, which has developed hundreds of products that have generated over $50 billion in sales and more than 1,200 patents for companies around the globe during the past 47 years.
Additional information is available at www.nottinghamspirk.com.