Private investment and acquisition firm, OpenGate Capital, Los Angeles, California, announced that it has completed its acquisition of Zodiac Recreational from Zodiac Marine & Pool. Terms of the transaction were not disclosed.
"Zodiac Recreational joins the OpenGate portfolio, our family of businesses, at an opportune time of disciplined growth and expansion,' said Andrew Nikou, OpenGate Capital's founder, Managing Partner and CEO. "We continue to seek out businesses around the world that can benefit from our operational strategies, and Zodiac Recreational has all the characteristics and challenges that we see as opportunities for growth. We are confident that given the Zodiac brand heritage, extensive dealer network, and continued strong demand for the company's product range, we can leverage these strengths to create a much stronger and vibrant business than ever before.'
Zodiac Recreational, builder of tender and rigid-hull inflatable boats, employs 430 people throughout its main operations in France, Tunisia and the in the US, as well as its sales offices located in Canada, Spain, Italy, Germany and the United Kingdom. The company also produces the Bombard and Avon inflatable boat brands.
To date, OpenGate Capital has executed more than 20 transactions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special situation investments.