The HEAD Group has taken over the France-based Aqualung Group, and has promised a sizeable funding package to ensure its viability.
Following a judgment at the Commercial Court of Nice yesterday (26 June), HEAD says that it was declared the winning party in a bid for troubled Aqualung, which had gone into receivership on 16 May. The move had been outlined on Divernet at the start of April, though delays in the process had cast doubts on the outcome.
According to HEAD, the transaction will significantly strengthen its presence in the market segment by expanding its portfolio beyond established water sports brands that include Mares, SSI, rEvo, Liveaboard.com and Zoggs swimwear.
HEAD plans to restructure Aqualung’s business platform, and says that it will provide “urgent funding” to secure the continuation and long-term sustainability of the group in the form of a 50 million-plus euro (£42.7m) rescue package, along with “a comprehensive integration plan with significant synergies”.
This, it says, will save hundreds of jobs and bring about the improvement and expansion of Aqualung’s current production facilities in France, UK and Mexico. HEAD will maintain and develop the Aqualung, Apeks and Aquasphere brands and, it says, reinforce Aqualung’s strategic and growing military and professional division.
Previously owned by asset-management company Barings, in recent times Aqualung had been divesting itself of brands, facilities and staff in an attempt to solve its financial problems.
Founded in 1943 following the invention of the ‘aqua-lung’ by Jacques Cousteau and Émile Gagnan, the group had been a pioneer in scuba diving equipment. Today its products are distributed in more than 90 countries.
Also on Divernet: Aqualung confirms HEAD friendly-takeover talks, HEAD looks set to buy Aqualung, Barings set to acquire Aqualung Group, Selling US Divers latest step in Aqualung revamp
