Fluidra strengthens its fast-growing mass market channel with the acquisition of the “Splash” and “Zen” business in BelgiumMarch 25, 2021
Fluidra has reached an agreement to acquire the “Splash and Zen business” from Realco SA. The Business generated gross sales of approximately 4.9 million euros in 2020. Closing of the transaction is expected to occur in September 2021.
The price for the business comprises a fixed payment of 3.5 million euros and three earn-out payments equal to 10% of the business’ gross sales in 2022, 2023 and 2024.
Splash and Zen customers will now benefit from Fluidra’s full range of products dedicated to the mass market
Manufacturas Gre SAU, an indirectly wholly-owned subsidiary of Fluidra, signed on 24 March 2021 an asset purchase agreement by virtue of which it has agreed to acquire from the Belgian company Realco SA a business consisting in the sale and distribution in Belgium of a range of pool and spa maintenance products under the commercial trademarks "Splash" and "Zen" (the “Splash & Zen Business”).
The Splash & Zen Business gross sales for the financial year closed on 31 December 2020 was approximately 4.9 million Euros, featuring encouraging growth prospects for 2021. The closing of the transaction is expected to take place in September 2021, once all customary conditions precedent have been completed. The purchase price agreed consists in a fixed payment of EUR 3.5Mn, plus three earn-out payments equal to ten per cent (10%) of the Splash & Zen Business’ gross sales each, over the years 2022, 2023 and 2024.
This Business will be integrated within Gre’s existing operations, expanding its business in Belgium through Gre’s leading product portfolio, while providing an improved service to the extended customer base and allowing Fluidra to become mass market leaders in the country.
“The Splash and Zen brands are very well known in Belgium and their acquisition will allow us to reach out to a large and loyal customer base with a wider product offering” said Bruce Brooks, Chief Executive Officer of Fluidra. “This combination creates a compelling opportunity to better serve our customers and increase our growth in this important market.”