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[February 2007]
Apollo Management Completes Acquisition of Jacuzzi Brands
Apollo Management L.P. has completed the acquisition of Jacuzzi Brands (West Palm Beach, FL, USA). As previously announced, on 11 October 2006, the two companies entered into a definitive merger agreement, pursuant to which Apollo would acquire all of the outstanding common stock of Jacuzzi Brands for US$12.50 per share in cash and assume all outstanding debt, valuing the total transaction at approximately US$1.25 billion.Alex Marini, CEO of Jacuzzi Brands, will have a continuing role managing both Jacuzzi Bath and Zurn Industries following consummation of the merger. George Sherman, co-investor with Apollo, and Non-Executive Chairman of Rexnord Corporation and former President and CEO of Danaher Corporation, has assumed the role of Non-Executive Chairman of Jacuzzi Bath.
Mr Marini said: "We are confident that as a private company, and combined with George Sherman's vast industry experience, Jacuzzi Brands will be better positioned to operate in the highly competitive and capital-intensive global bath and plumbing industries. Our customers will continue to receive the high levels of service, product quality and innovation that they have come to expect from Jacuzzi Brands, as our commitment to serving their needs remains steadfast. On behalf of Jacuzzi Brands' Board of Directors, I want to thank our stockholders and hard-working employees for their support throughout this process".
Larry Berg, a Senior Partner at Apollo, commented: "We are pleased to have completed the acquisition of Jacuzzi Brands. We look forward to working with George Sherman, the Zurn and Jacuzzi management teams and their dedicated employees to continue providing high quality products and services".
www.jacuzzibrands.com
ENDS