Montagu to acquire Aqua Lung from Air Liquide

The sale is in line with an asset restructuring programme currently being undertaken by Air Liquide. Following its acquisition of Airgas for $13.4bn in May this year, which marked the company's largest transaction to date, the group is refocusing on its gas operations.

If completed, the acquisition should push Aqua Lung towards its next phase of growth and help it extend its international presence, including in the US, the GP said in a statement.

Montagu is currently investing from its Montagu V vehicle, which closed on its €2.75bn hard-cap in August 2015.

Company
With roots going back to a 1940s collaboration with oceanographer Jacques-Yves Cousteau, Aqua Lung specialises in professional and recreational diving equipment. It also owns Aqua Sphere, a triathlon gear business that currently works on swimmer Michael Phelps' own brand of swimwear, MP.

Aqua Lung generated €200m in revenue last year and employs 1,000 staff in 90 countries. The company is headquartered in Paris, with extra manufacturing sites in Italy and China. It reportedly makes half of its sales in the US. 

Advisers
Equity – Lazard (corporate finance); Weil Gotshal & Manges (legal).

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