Sabadel, Spain-based Fluidra SA, a manufacturer of pool and wellness products, acquired Custom Molded Products (CMP) of Newnan, Ga., for $245 million to quickly enter the spa components market and to offer new and complementary pool products.
Fluidra, which is listed on the Spanish stock exchange and owned in part by founding family members and Rhone Capital, paid cash and used debt facilities in the deal with seller Tenex Capital Management. The transaction is expected to be accretive from day one.
The addition of a U.S. company with 2020 sales exceeding $109 million, strong brands in the recreational water industry and manufacturing expertise will expand growth opportunities for Fluidra, according to company officials.
Founded in 1969, Fluidra serves the residential and commercial pool markets. The company generates sales of 1.3 billion euros ($1.5 billion) with 5,500 employees at 34 production facilities.
CMP, which was founded in 1989, makes pool products like skimmers and valves as well as spa jets and decorative LED lights, waterfalls and bubblers for spa designers, pool builders, bath manufacturers and retailers.
In addition to its base in Georgia, CMP has a manufacturing plant in Shanghai and distribution centers in California, Netherlands and Australia.
The CMP acquisition gives Fluidra instant entry into the attractive spa components market segment, which made up 49 percent of CMP sales last year.