Barings, a global investment manager, has entered into exclusive discussions to acquire 100 percent of Aqualung Group, owner of the Aqualung, Apeks, Aquasphere, Omer, Military Professional, Stohlquist and U.S. Divers brands of diving equipment and water sports. Aqualung, the Group’s best-known brand, pioneered the development of modern diving equipment in 1943, when Captain Jacques-Yves Cousteau, together with Emile Gagnan, developed the first diving equipment to make underwater exploration a reality.
All key stakeholders, including Barings as a shareholder, as well as the lenders of the Aqualung Group, have officially endorsed a binding agreement that outlines this significant capital evolution. The transaction will enable Aqualung to support its ongoing transformation, which was initiated in 2023 following the appointment of a new management team led by Bruno Cercley and the launch of the ambitious Horizon 2027 plan. Barings has already established a close working relationship and has extensive knowledge of Aqualung as part of the lender group that has financially supported the company since its acquisition by private equity firm Montagu six years ago.
“We are delighted to continue our longstanding partnership with Aqualung, a global historical leader in its markets, renowned for its strong brands and diverse range of technical products, through this new and major role,” commented Benjamin Gillet, Managing Director of Global Private Finance at Barings. “We have full confidence in the group’s capabilities and are committed to reinforcing our operations together, injecting a fresh impetus into sales. We have full trust in the management as they have demonstrated decisive expertise and unwavering dedication. With this shared vision and collaborative approach, we look forward to achieving new milestones and driving further success”.
Cercley, former chairman of Rossignol Group and president and CEO of Aqualung Group since mid-2022, said: “After six years of consistent support from Montagu as the company’s shareholder since the takeover from Air Liquide in 2016, the Aqualung Group is entering a new era focused on accelerating its development with a shareholder that possesses deep knowledge of the company. I am thrilled that we have taken this initial step and excited to lead the continuous improvement plans we have implemented and coordinated for over 10 months in this new environment.”
The acquisition is expected to close in the fall of 2023, following customary regulatory approvals. The amount of the transaction will not be disclosed.
