Ceramic Industry News

Jacuzzi Brands to be Acquired by Apollo Management (10/11/06)

October 11, 2006
/ Print / Reprints /
ShareMore
/ Text Size+

Jacuzzi Brands, Inc. recently announced that a definitive merger agreement has been signed under which affiliates of private equity firm Apollo Management L.P. will purchase Jacuzzi Brands in a transaction having a total value of $1.25 billion, which includes the assumption of outstanding debt approximating $260 million, net of cash. Jacuzzi Brands' board of directors has approved the merger agreement and has recommended to company shareholders that they vote in favor of the transaction.

"In the year since we put Al Marini in charge of our overall operations, he and his team have made significant progress in improving the Bath segment and further strengthening Zurn's leadership position," said Thomas B. Waldin, chairman of Jacuzzi Brands. "During this period, there has been a significant increase in our share price, and these business advances allow for a transaction that offers a further premium for the benefit of our shareholders."

Alex Marini, president and chief executive officer of Jacuzzi Brands, said, "This is an exciting time for the employees, customers, and suppliers of Zurn and the Jacuzzi Bath and Spa businesses. With the resources of Apollo and the experience brought by George Sherman, we will be well positioned to develop and implement cutting-edge strategies to build upon our already strong leadership positions. I want to stress to our customers and suppliers that they can expect to continue to receive the same high levels of service, product quality, and innovation they have enjoyed for many years."

The acquisition is subject to certain closing conditions, including the approval of Jacuzzi Brands' shareholders, regulatory approval and the receipt by Apollo of all necessary debt financing, and is expected to close in the first quarter of 2007. Additional details are available at www.jacuzzibrands.com.

Links

Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

June 2014 Issue Highlights

Our June 2014 issue is now available!

Podcasts

Manufacturing Day 2014

Manufacturing Day organizers share their insights with Managing Editor Kelsey Seidler.

More Podcasts

Ceramic Industry Magazine

CI October 2014 cover

2014 October

Materials advances, refractories and renewable energy - oh, my! Check out our October issue today!

Table Of Contents Subscribe

Personal Smartphones

Do you use your personal smartphone or other device to complete tasks for your job?
View Results Poll Archive

THE CERAMIC INDUSTRY STORE

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40google+ icon 40px

Directories

CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!