The Barings investment management firm has announced that it has completed its acquisition of the Aqualung Group, one of the world’s best-known manufacturers of scuba diving equipment.
Baring’s acquisition of the Group was announced in June this year, with the sale being agreed for an undisclosed fee.
Headquartered in Sophia Antipolis, France, Aqualung Group was founded in 1943 with the development of the ‘Aqua-Lung’ – the predecessor of modern open-circuit scuba – by Jacques-Yves Cousteau and Émile Gagnan. The group also contains the Apeks, Omer, Aquasphere, US Divers and Stohlquist brands.
Aqualung Group is also a specialist for military and professional diving outfits – Apeks gear has been a military mainstay for some years – providing equipment dedicated to maritime military operations, emergency breathing activities, public safety and rescue users, maritime civilian operations, and commercial divers through its Military Professional division.
‘This acquisition opens a new page in the 80-year-long history of Aqualung Group,’ said Aqualung Chairman and CEO, Michel Abaza. ‘The transaction provides Aqualung Group with the necessary financial resources to further accelerate its ongoing transformation in the coming years and continue to strengthen its position on its core markets, Dive and Military – Professional.
Aqualung Group’s long-term commitment to innovation will accelerate, with a significant increase of its investments in digitization and research & technology,’ Abaza added.
Benjamin Gillet, Managing Director of Global Private Finance at Barings, said: ‘We are thrilled to expand our partnership with Aqualung Group. We are confident in Aqualung Group’s capabilities and strategy to accelerate sustainable growth and solidify its position as leader in the global diving industry.
Closing the Aqualung Group’s statement announcing its successful acquisition by Barings is the following paragraph:
‘Aqualung Group is poised to renew the pioneering spirit ignited by Captain Cousteau eight decades ago, drawing upon its unique industrial and technical expertise and its established global brands. Aqualung Group considers the preservation of the oceans as its core purpose. As a global leader, Aqualung Group has a unique responsibility in revitalising the diving industry for younger generations and to actively contribute to the preservation and responsible exploration of the seabed.’
Those last five words ‘responsible exploration of the seabed’ beg the question – are we going to see more from Baring’s acquisition of some of the world’s leading scuba diving brands than just scuba diving?
