After 10 years with investment firm The Carlyle Group, the parent company of Zodiac Pool Systems has changed hands.
The company accepted an offer from another investor — Rhone, a global asset management firm based in London and New York — to purchase Zodiac Pool Solutions SAS and its global residential pool and spa business.
“This is a process that was expected, but I think the outcome is very exciting,” said Zodiac CEO Bruce Brooks. “We’re excited about it.”
Rhone focuses on companies with a Pan-European or transatlantic presence. In addition to Zodiac, its portfolio includes companies specializing in business services, chemicals, consumer products, industry products, food, packaging, specialty materials and transportation sectors.
Things are expected to remain business as usual for the Vista, Calif.-based manufacturer, Brooks said, with its brands and 1,300 worldwide employees to stay in place.
The Carlyle Group tends to hold companies for about 10 years before finding another investor, Brooks said, so the sale was just part of the firm’s modus operandi.
Brooks expects the new investment to increase the pace of its research and development. “We brought a lot of great new products to the industry in the last several years, particularly in automation and energy efficiency,” he said. “I think they like our focus there and would like to see us continue to invest aggressively in those spaces.”
Zodiac reports a record year in 2016, saying this achievement results from growing its premium brands over the last three years and focusing on its core global inground residential swimming pool business and technological innovation. Additionally, in the past several years, the company has acquired lighting producer SAVI; Australian chemical distributor Pool Resources; South African chemical producer Two10; MagnaPool, an Australian company specializing in pool mineral water systems; and German company SET, which provides pool heating systems. Zodiac also purchased Cover-Pools, manufacturer of automatic pool covers, in 2008.
“We’re in a better position to continue to drive growth, whether it be new products or acquisitions in the future,” Brooks said.
He sees this as a good sign outside Zodiac. “Clearly [Rhone] likes the industry,” he said. “They think it is set for growth.”
