European investment group Investindustrial has agreed to acquire Jacuzzi Brands from a group of investment funds affiliated with Apollo Global Management, Ares Management Corporation, and Clearlake Capital Group. Concurrent with the transaction, Investindustrial has invited design firm Nottingham Spirk Design Associates to serve as a partner in product design and business innovation, while also holding a minority share in Jacuzzi Brands.
The acquisition of the premium Italian spa manufacturer represents the first of its kind for Investindustrial, which in 2016 became the majority stakeholder of Arclinea through its current holding in B&B Italia. With nearly $8 billion in raised fund capital, Investindustrial had also previously invested in lighting brands Flos and Louis Poulson.
“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,” says Charles Huebner, who has been designated by Investindustrial as the incoming executive chairman of Jacuzzi Brands. “Nottingham Spirk will help the company develop innovative new products that best meet consumer needs. Our new ownership will provide significant resources to invest behind our dealer partners with new marketing programs.”
While the acquisition transaction has not yet closed, Jacuzzi Brands CEO Bob Rowans is enthusiastic about the prospect. “I am extremely happy about the acquisition of Jacuzzi Brands by Investindustrial,” said Rowans. “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.”
Founded in 1956, Jacuzzi Brands generated approximately $500 million in revenues in fiscal year 2018, and boasts more than a million square feet of manufacturing space across eight production facilities in North America, Europe, and South America.