Fluidra, a worldwide leader in the pool and wellness industry and global manufacturer of equipment and connected solutions, announces it has reached an agreement to merge its Hungarian subsidiary Fluidra Magyarország Kft ("Fluidra Hungary") with the Kerex Group ("Kerex"), a leading Hungarian pool equipment distributor.
Kerex, a recognized pool equipment distributor and long-term partner of Fluidra in Hungary
Kerex was founded 31 years ago and has become a key player in Hungarian pool distribution sector. Kerex has been a valued long-term partner of Fluidra in the region, and this transaction will allow Fluidra to offer a more comprehensive product portfolio to an expanded customer base in Hungary, together with an even more efficient service.
Fluidra Hungary will control 100% of the share capital of Kerex pursuant to a share purchase of 73.234% of Kerex's capital, and a share capital contribution of the remaining 26.766% of Kerex's capital retained by current management, in exchange for a 15% stake in Fluidra Hungary. The transaction is expected to close in September 2022, once all customary and precedent conditions have been completed. The transaction is expected to have a marginal positive impact on EPS immediately.
"Kerex is a great fit and a valuable extension to Fluidra's existing Hungarian operations," said Bruce Brooks, Chief Executive Officer of Fluidra. "By leveraging Kerex's brand and distribution footprint, and combining it with Fluidra's comprehensive, complete and high-quality product portfolio, we aim to become a leading force in the Hungarian market, for the benefit of our customers, suppliers and employees. The entire team is excited to welcome our new colleagues into the Fluidra family and start working together towards a successful integration."
"Over the last decade, we have strengthened our relationship with Fluidra and have realized that we share the same goals: to be the best at what we do. We believe that this agreement will enable us to serve our customers even more effectively with our well-known Kerex range. We look forward to joining forces and working side by side with Fluidra", said Witold Staniszewski, General Manager of Kerex.