January 14, 2019 / 9:31 AM / 5 months ago

UPDATE 1-Italian private equity firm jumps into Jacuzzi deal

(Adds details)

MILAN, Jan 14 (Reuters) - Italian private equity firm Investindustrial has bought hot tubs maker Jacuzzi and other brands of spa and bathroom products from a number of investment funds including Apollo, it said on Monday.

The financial terms of the deal, which is expected to be finalised by the end of March, were not disclosed.

Investindustrial, headed by Italian entrepreneur Andrea Bonomi, invests in premium brands, recently teamed up with Carlyle Group to create a high-end interior design company.

Earlier this year the private equity firm sold part of its shareholding in luxury carmaker Aston Martin.

“We see a high growth potential (for Jacuzzi) and we will work closely with the management to expand the company on international markets and through product innovation,” Bonomi said in a statement.

To develop new products, Investindustrial has asked design consulting firm Nottingham Spirk to co-invest in Jacuzzi as a minority shareholder.

California-based Jacuzzi, founded in 1956 by an Italian family, reported sales of around $500 million last year. (Reporting by Francesca Landini and Massimo Gaia, editing by Valentina Za and Louise Heavens)

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