This morning, Rhône, a global asset management firm, announced it has acquired Zodiac Pool Solutions SAS and its global residential pool and spa business, from the Carlyle Group. The acquisition includes Zodiac's family of premium brands and all 1,300 employees worldwide. Financial terms of the agreement were not disclosed. The transaction, subject to regulatory approvals, is expected to close promptly.
The acquisition will include the Zodiac leadership team and its high-profile brand portfolio including Zodiac Pool, Jandy Pro Series, Polaris, iAquaLink, Cover-Pools, MagnaPool, Caretaker, SAVI and Nature2.
Rhône was established in 1996 and focuses on investments in market leading businesses with a pan-European or transatlantic presence and expansion prospects. The company, which has offices in London and New York, currently holds investments in a diversified portfolio of companies, including investments in the business services, chemicals, consumer products, industrial products, food, packaging, specialty materials and transportation sectors.
Recent strategic acquisitions by Zodiac include SAVI, a U.S. pool and spa lighting company, in 2014; Pool Resources, an Australian distributer of pool chemicals; Two10, a South African producer of pool chemicals; MagnaPool, an Australian company specializing in pool mineral water systems; and SET, a German company specializing in heating systems for swimming pools. Pool Resources, Two10, MagnaPool and SET were acquired in 2013. Additionally, Cover-Pools, a U.S. manufacturer of automated pool covers, was acquired in 2008.
The Carlyle Group acquired Jandy in 2006 and Zodiac in 2007.
“Based on our strong financial performance and growth over the past three years, culminating in a record year in 2016, the timing was right for new investment from a new partner,” says Bruce Brooks, Zodiac’s CEO since 2011. “We are proud of our company’s achievements working with Carlyle, and we are excited about building on our accomplishments with Rhône. Rhône is great partner for Zodiac, and this is excellent news for our employees, customers, vendors and the pool and spa industry. We look forward to building on Zodiac’s heritage of excellence to drive ever greater technological innovation and quality as we work to grow Zodiac’s market share across all of its premium brands.”
