An investment subsidiary of Investindustrial VI L.P. entered into a definitive agreement to acquire Jupiter Holding I Corp., owner of several spa and bath products brands including Jacuzzi. Investindustrial has invited Nottingham Spirk Design Associates, Inc. to be a business innovation and product design partner and to co-invest in the company as a minority shareholder.
“We are delighted to welcome Jacuzzi to join our portfolio of investments in premium brands,” says Andrea C. Bonomi, chairman of the industrial advisory board for Investindustrial. “We are excited about the opportunity to contribute to Jacuzzi Brands’ next phase of development. We see significant untapped potential and will work closely with management to grow the business through product innovation and an expansion of the company’s footprint.”
“I am extremely happy about the acquisition of Jacuzzi Brands by Investindustrial,” says Bob Rowan, CEO of Jacuzzi Brands . “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.”
Investindustrial has designated Charles “Chuck” Huebner as the incoming executive chairman of Jacuzzi Brands. Most recently, Huebner was CEO of Dacor, Inc., which designs, manufactures and markets a full range of premium kitchen appliances.
“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,” Huebner says. “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.”
Terms of the transaction, which is expected to finalize in March, have not been disclosed.