BARINGS TO ACQUIRE AQUALUNG GROUP, THE WORLD LEADING MANUFACTURER OF EQUIPMENT FOR DIVING AND HIGH PERFORMANCE WATER SPORTS
June 28, 2023Barings, a leading investment manager, is currently in exclusive discussions to acquire the Aqualung Group, a global leader in manufacturing equipment for diving and high-performance water sports.
All key stakeholders, including Barings as a shareholder, and the lenders of the Aqualung Group, have officially endorsed a binding agreement outlining this significant capital evolution. This transaction will support Aqualung in its ongoing transformation, which began in 2023 with the appointment of a new management team led by Bruno Cercley and the launch of the ambitious “Horizon 2027” plan.
Barings has already developed a strong working relationship and possesses extensive knowledge of Aqualung as part of the lender group that has been providing financial support to the company since its acquisition by Montagu, a private equity firm, six years ago.
Managing Director Global Private Finance at Barings, Benjamin Gillet, stated: “We are pleased to continue our long-standing partnership with Aqualung, a global leader in its markets, known for its strong brands and diverse range of technical products, through this significant role. We have complete confidence in the Group’s capabilities and are committed to strengthening our operations together, injecting new energy into sales. We trust the management team as they have proven expertise and unwavering dedication. With our shared vision and collaborative approach, we look forward to achieving new milestones and driving further success.”
Bruno Cercley, President and CEO of Aqualung Group, commented: “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 acquisition is expected to be finalized in autumn 2023, subject to customary regulatory clearances. The transaction amount remains undisclosed.
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