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Polyair Inter Pack Inc. Acquires Jacuzzi Pool Businesses
May 5, 2003
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Polyair Inter Pack Inc., a manufacturer of separate lines of protective packaging products and swimming pools products. has announced that its Cantar Pool Products Group has entered into an agreement to acquire the swimming pool and pool equipment assets from Jacuzzi Inc. and Jacuzzi Leisure Products Inc. The assets include the Atlantic Pools trade names and other brand names, as well as related accounts receivable, inventory, and machinery together with a license to use the Jacuzzi(R) trade mark on certain products. Also included in the transaction was a building lease in Montreal, Canada and a Toronto, Canada plant and offices related to the acquired assets. The transaction is expected to close within the next 10 days.

The purchase price of U.S. $41.2 Million (subject to adjustment) will be financed through Polyair's operating Lines of Credit and the issuance of a convertible note to the Seller to purchase 598,802 shares of Polyair Inter Pack Inc. stock at a price of US $8.35.

In the last full fiscal year, the acquired businesses generated annual revenues of approximately $55 million from sales in North America and Europe.

"This strategic acquisition establishes our Pool Products Group as a more formidable participant in the North America swimming pool industry," Gary Crandall, Cantar president said, referring to an expanded product line and the addition of recognized brand names.

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