Charlottesville, VA. December 3, 2015 – Quad-C Management, a leading middle market private equity firm, today announced that the firm has sold Balboa Water Group (BWG), a leading manufacturer of customized, critical components for the portable spa, jetted bath and other adjacent markets, to AEA Investors. Terms of the deal were not disclosed.
Headquartered in Tustin, California, BWG offers the highest quality pumps, blowers, electronic control systems, jets, white goods and accessories to the global leisure water industry. With facilities in California, Denmark, Belgium, China and Australia, BWG delivers this diverse set of world-class products to a global customer base.
BWG was created in 2007 when Quad-C partnered with CEO Eric Kownacki and VP of Sales Jeff Christine to pursue a consolidation strategy in the leisure water sector. Eric and Jeff were executives previously with Polaris Pool Systems, a former Quad-C portfolio company. Under Quad-C’s ownership, BWG completed five acquisitions and invested significant capital in building out a professional management team, enhancing systems, developing new products and expanding outside North America to become a global leader.
“When we invested in BWG, we saw an opportunity to consolidate the spa and bath components industry under the banner of an industry-leading brand powered by an exceptional management team,” said Thad Jones, Partner at Quad-C. “Despite the historic downturn in the market, we remained committed to the strategic vision and were able to take advantage of the distress in the market to pursue several follow-on acquisitions at attractive prices while also investing in new product development and expanding globally. Thanks to the dedication, execution and tenacity of the management team, BWG emerged from the recession with very strong sales growth and a robust new business pipeline. We wish them much continued success.”
“We were very fortunate to partner again with Eric Kownacki and his talented team at BWG,” said Steve Burns, Senior Partner at Quad-C. “It was a pleasure to work side by side as a cohesive unit committed to accelerating growth and executing our strategy. Building on the strong momentum we achieved together, BWG is well-positioned for continued growth.”
“I have worked with Quad-C now for over 15 years and they have been great partners,” said CEO Eric Kownacki. “Throughout the duration of the investment in BWG, Quad-C supported our acquisition strategy and was willing to invest significant capital even in the depths of the recession to accomplish the strategic vision we set together in 2007. That commitment to the partnership was crucial and was paramount to our success and potential for continued growth in the future.”
The BWG investment is one of many building products investments in Quad-C’s portfolio. Other representative investments in the sector include InterWrap, a leading global manufacturer of roofing underlayment, and WOLF, the largest distributor of kitchen and bath cabinetry in the U.S. and a leading provider of trim, railing, decking, siding and other building products.
Headquartered in Tustin, California, with locations in Denmark, Belgium, China and Australia, Balboa Water Group is a global supplier of pumps, jets, electronic control systems, white goods and accessories for the leisure water industry. With over three decades of dedication to innovative design and development, BWG has a complete line of bath and hot tub products from which to choose. For more information visit www.balboawater.com or call +1 714-384-0384.
Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C is a middle market private equity firm focused on investing in well-established business services, consumer, general industrial, healthcare, specialty distribution and transportation/logistics companies. In its 25-year history, Quad-C has invested over $2 billion of equity across more than 50 companies. The Quad-C team is committed to partnering with entrepreneurs and management teams to accelerate growth and create long-term value. www.quadcmanagement.com