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