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Personal care products maker Water Pik Technologies, Inc. announced on Tuesday that it has acquired the assets of Air Energy Heat Pumps, Inc. and affiliates (Air Energy), a privately held manufacturing company located in Ft. Lauderdale, FL, U.S. Air Energy is a manufacturer of premium-branded heat pumps for swimming pools and spas with sales of U.S. $13 million for the previous 12 months.
Water Pik paid $8.1 million plus a contingent future payment of up to $1.0 million that is based upon 2003 financial performance. Water Pik anticipates the acquisition will be accretive to earnings in the first full year of ownership.
"A major strategic objective for our pool business has been to accelerate sales and profit growth through the development of a more comprehensive package of pool equipment and accessories," said Water Pik Technologies' CEO Michael P. Hoopis. "The acquisition of Air Energy not only adds the premier brand of heat pumps to our product line, but also gives us a more significant market position in regions of the country where heat pumps are the preferred technology to heat pools and spas."
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