Polyair Inter Pack Inc. has announced that its Cantar Pool Products Group has entered into an agreement to acquire the swimming pool and pool equipment assets from Jacuzzi Inc. and Jacuzzi Leisure Products Inc. The assets include the Atlantic Pools trade names and other brand names, as well as related accounts receivable, inventory and machinery together with a license to use the Jacuzziå® trade mark on certain products. Also included in the transaction was a building lease in Montreal and a Toronto plant and offices related to the acquired assets.
The purchase price of US$41.2 million (subject to adjustment) will be financed through Polyair’s operating lines of credit and the issuance of a convertible note to the seller to purchase 598,802 shares of Polyair Inter Pack Inc., stock at a price of US $8.35.
In the last full fiscal year, the acquired businesses generated annual revenues of approximately US $55 million from sales in North America and Europe. “This strategic acquisition establishes our Pool Products Group as a more formidable participant in the North America swimming pool industry,” Cantar, President Gary Crandall said, referring to an expanded product line and the addition of recognised brand names.
Polyair Inter Pack Inc. manufactures separate lines of protective packaging products and swimming pools products, which are sold through a network of 3,000 distributors located across North America. The Company currently operates ten manufacturing facilities, seven of which are based in the United States where the company generates approximately 86 percent of its annual sales.
Jacuzzi has become the world’s most recognised and largest selling brand of jetted/whirlpool baths. In addition to the first whirlpool bath patent, Jacuzzi has 250 worldwide patents for advancements in pump systems, jet technology, air controls and product design. This ongoing commitment to innovative product development ensures Jacuzzi’s leadership position in the industry, and sets standards the world over.