Apollo Management, L.P. Completes Acquisition of Jacuzzi Feb 11, 2008

Printable format  Email this Article  Search

Jacuzzi Brands, Inc. announced that affiliates of Apollo Management, L.P. have completed the acquisition of Jacuzzi Brands. As previously announced, on Oct. 11, 2006, the two companies entered into a definitive merger agreement, pursuant to which Apollo would acquire all of the outstanding common stock of Jacuzzi Brands for US$12.50 per share in cash and assume all outstanding debt, valuing the total transaction at approximately $1.25 billion.

Alex P. Marini, CEO of Jacuzzi Brands, will have a continuing role managing both Jacuzzi Bath and Zurn Industries following consummation of the merger. George M. Sherman, co-investor with Apollo, and non-executive chairman of Rexnord Corp. and former president and CEO of Danaher Corp., has assumed the role of non-executive chairman of Jacuzzi Bath.

Back to Daily News