Zodiac Boats Sold
Tuesday July 31, 2012 - 10:07 am
Published By: Craig Ritchie
Zodiac Marine and Pool is divesting Zodiac Recreational as part of an ongoing strategy to refine and refocus its business in the military, professional, and clean water industries.
Zodiac Recreational is the worlds leader in the design,
manufacturing and distribution of inflatable and Rigid Inflatable Boats (RIBs).
The first inflatable boat was invented by Zodiac in the mid-1930s, and the
brand was made popular in the 1950s by Jacques-Yves Cousteau who used Zodiac
tenders during his expeditions. Today, Zodiac is among the most recognized
inflatable brands with an extensive range of products including RIBs,
recreational tenders, inflatable boats, jet tenders, life rafts, and related
boat accessories. Zodiac Recreational also services the space industry with a
stratospheric balloon and multi-layer insulation activity, that will be
included as part of the acquisition.
Mr. Andrew Nikou, OpenGate Capitals founder, Managing Partner and CEO stated, We are extremely honored to have the trust and faith of Zodiac Marine and Pool. The Zodiac family of brands is iconic in its representation of quality, safety and reliability. We couldnt be more pleased to mark our first marine industry acquisition with Zodiac, the ultimate symbol of performance.
Mr. Yves Dominioni, Chief Executive Office of Zodiac Marine and Pool commented, After putting the operations of this world famous brand into a better position, we are very pleased with the decision to divest this business to OpenGate Capital, a firm we describe as good parents.
OpenGate Capitals European partners Robert Lezec and Julien Lagrèze are leading the transaction and they will work closely with Zodiac Recreationals existing management team to strengthen the companys operational and financial fundamentals, as well as drive expansion across Europe and into other markets around the world.
Zodiac Recreational products include three brand names: Zodiac, Bombard, and Avon. The products are distributed through a network of dealers in Europe and the US, and through importers for other select markets.
Robert Lezec stated, Zodiacs rich brand heritage has been enhanced over the years through relentless innovation and a commitment to the highest standards of quality. We are confident that we will be able to continue raising the profile, visibility and geographical reach of these brands going forward.
Mr. Julien Lagrèze added, The consistent progression of the Zodiac business is not only attributed to the modernization of its manufacturing and distribution processes, it is also due to a dedicated base of highly skilled employees. Zodiac Recreational employs 430 people throughout its main operations in France as well as its facilities in Tunisia and the U.S.