Hayward Industries, the Elizabeth, N.J.-based manufacturer of residential and commercial pool and hot tub equipment, has signed a definitive purchase agreement to acquire Paramount Leisure Industries. The transaction is expected to close quickly.

Known in the industry as Paramount Pool & Spa Systems, the company, headquartered in Chandler, Ariz., specializes in in-floor cleaning systems, alternative sanitizers, lighting systems, and more. Headed by CEO Lewis “Buzz” Ghiz, the company will continue to operate as autonomous business under the Paramount name with the same structure, management team, sales force, customer service and operations personnel it has today.

“We are delighted to join forces with Buzz and the Paramount team,” said Clark Hale, CEO of Hayward. “Their culture of innovation and superior customer service combined with Hayward’s global reach will create significant growth opportunities for both companies, our customers and our employees.

Ghiz shares Hale’s enthusiasm. “We’ve built an exceptional company in large part due to the relationships established with our valued clients and friends over many years,” he said. “Hayward acknowledges this and I believe they will be good stewards of the Paramount brand. We look forward to this relationship and this new phase for Paramount.”