By DIVE Staff
The Aqualung Group, one of the world’s largest manufacturers of scuba diving and watersports equipment, is to be bought by Barings investment group for an undisclosed fee, according to a 27 June press release from the company’s Valbonne, France-based headquarters.
The Aqualung Group, founded in 1943 with the development of the ‘Aqua-Lung’ by Jacques-Yves Cousteau and Émile Gagnan, the group also contains the Apeks, Omer, Aquasphere, Stohlquist, and US Divers brands.
Barings, one of the world’s leading investment managers – most famous among the general public for the 1995 collapse of Barings Bank – has entered into exclusive discussions to acquire 100 per cent of the Aqualung Group.
According to Aqualung’s press release, all key stakeholders, including Barings and the lenders of the Aqualung Group have officially endorsed a binding agreement between the parties. Barings had previously been part of the lender group that has been providing financial support to the company since its acquisition by private equity firm, Montagu, in 2016.
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Benjamin Gillet, Managing Director of Global Private Finance at Barings, said: ‘We are delighted to continue our longstanding partnership with Aqualung, a global historical leader in its markets, renowned for its strong brands and diverse range of technical products, through this new and major role.
‘We have full confidence in the Group’s capabilities and are committed to reinforcing our operations together, injecting a fresh impetus into sales. We have full trust in the management as they have demonstrated decisive expertise and unwavering dedication. With this shared vision and collaborative approach, we look forward to achieving new milestones and driving further success.’
Bruno Cercley, President and CEO of Aqualung Group, said: ‘After six years of consistent support from Montagu as the company’s shareholder since the takeover from Air Liquide in 2016, the Aqualung Group is entering a new era focused on accelerating its development with a shareholder that possesses deep knowledge of the company.
‘I am thrilled that we have taken this initial step and excited to lead the continuous improvement plans we have implemented and coordinated for over 10 months in this new environment.’
The anticipated closing of the acquisition is scheduled for the autumn of 2023.
