Fluidra S.A., a Spanish listed multinational group serving the residential and commercial pool and wellness sector, and Zodiac Pool Solutions, a manufacturer of residential pool equipment and connected pool systems, have closed their merger.
Initially announced in November 2017, the agreement will see the combined company keep the Fluidra name and remain listed on the Spanish stock exchange. The company is well positioned for growth, driven by its enhanced portfolio of highly recognized brands, broad product offering and expansive global footprint spanning more than 45 countries.
The new Fluidra will have combined sales and earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately US$1.5 billion and more than US$234 million, respectively. Additionally, the company has identified more than US$41 million of run rate cost synergies, which it expects to be fully achievable by 2020.
Fluidra will maintain its global headquarters in Sabadell (Barcelona), Spain and North American headquarters in Vista (San Diego), Calif. Former Fluidra executive president Eloi Planes will serve as executive chairman of its board of directors, and former Zodiac CEO Bruce Brooks will serve as the company’s CEO.
“The successful completion of our merger with Zodiac positions us as a leader in the global pool industry,” said Planes. “Together, we have a broad portfolio of innovative products, and a strong financial position to create significant value for all stakeholders: our customers, shareholders, and employees.”
As part of the European Commission approval of the transaction, Fluidra will divest its Aquatron unit. Aquatron, an Israeli manufacturer specializing in robotic pool cleaners with distribution primarily in Europe, represents approximately two per cent of the combined company’s sales and EBITDA. This divestiture does not change the strategic logic of the merger, and Fluidra will maintain its presence in the automatic pool cleaning category, which includes pressure, suction, and robotic pool cleaners.
“I am looking forward to working with our team to create an organization that stands apart from the pack,” said Brooks. “We will be guided by clear values, focused on exceeding our customers’ needs and driven to solve challenges through useful innovation.”