OpenGate buys Zodiac Recreational

Zodiac Marine & Pool divested Zodiac Recreational as part of its strategy to refocus its business on the military, professional and clean water industries.

OpenGate will look to strengthen the company's operational and financial fundamentals. It will also aim to drive expansion across Europe and into other international markets.

Previous funding
Zodiac Marine & Pool was established in 2007, one year after the acquisition of US pool products manufacturer Water Pik by Carlyle (holding 80%) and French competitor Zodiac (holding 20%). The private equity firm was granted exclusive talks for the creation of a new holding, valued at €1.01bn, which regrouped Water Pik's subsidiary Jandy Pool Products and Zodiac's corresponding division Zodiac Marine. The holding was 72% owned by Carlyle, investing through Carlyle Europe Partners II, and 28% owned by Zodiac, which invested around €90m for its stake. ING underwrote a debt package worth more than €1bn.

Two years later, Carlyle upped its stake by buying Zodiac's shareholding in the business.

Company
Zodiac Recreational designs, manufactures and distributes inflatable and rigid inflatable boats (RIBs) – the company invented the first inflatable boat in the mid-1930s and was further popularised by explorer Jacques-Yves Cousteau in the 1950s. It also targets the space industry with a stratospheric balloon and multi-layer insulation activity.

Paris-based Zodiac Recreational employs 430 people across its main operations in France, as well as its facilities in Tunisia and the US.

People
Robert Lezec and Julien Lagrèze led the deal for OpenGate.

Advisers
Equity – Gide Loyrette Nouel (Legal).
Vendor – Rothschild (M&A); Salans (Legal).

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• Topics
• France
• Buyouts
• Exits
• Consumer
• France
• OpenGate Capital
• Carlyle Group
• Partial sale