Monomoy Capital Partners has acquired Artesian Spas and Marquis Hot Tubs and has combined them to form a new pool and spa wellness platform.
Nevada-headquartered Artesian and Oregon-based Marquis manufacture outdoor aquatic products including portable hot tubs, swim spas and other related accessories that are sold through a dealer network to the residential market in North America and Europe.
Artesian’s brands include Artesian Elite, Island Spas, Island Elite, South Seas Spas, Garden Spas and TidalFit Swim Spas; and Marquis’ brands include Crown Collection, Vector21, and Marquis Elite.
“Artesian has a stellar brand reputation. We are pleased to be partnering with a company that shares our goal of producing high-quality products with industry-best customer service,” said John Schrenk, the CEO of Marquis. Our combined partnership with Monomoy will allow us to continue to scale our two businesses.”
“Artesian and Marquis have both experienced exceptional demand and growth over the past two years,” said Lee Mlotek, a managing director at Monomoy. “The new holding company will leverage the strengths of each brand to deliver superior products made in the USA to the growing outdoor wellness market. We are excited to partner with the management teams as they scale their businesses together, and we look forward to bringing additional pool and spa brands to the platform in the future.”
New York City-based Monomoy makes control investments of debt and equity in companies with at least $150 million in sales, $15 million of EBITDA, and enterprise values of up to $500 million. Sectors of interest include manufacturing, distribution and consumer products.
In November 2021, Monomoy held a final close of its fourth private equity fund at an oversubscribed $1.1 billion. With the acquisitions of Artesian Spas and Marquis, the new fund is now 30% invested in four platforms including Florida-based Cast-Crete, one of the largest manufacturers and distributors of precast and prestressed concrete lintels and sills in America (January 2022); the highway products business of publicly traded Trinity Industries, a Dallas-headquartered manufacturer and lessor of highway safety products, including crash cushions, end terminals, and guardrails (November 2021); and Thetford, a Michigan and Netherlands-based supplier of sanitation, refrigeration and cooking products that are used in the recreational vehicle and marine industries (November 2021).
Monomoy’s new platform, operating as Artesian Spas, is seeking additional acquisitions in the pool and spa market.
Piper Sandler was the financial advisor to Artesian and Zachary Scott & Co. was the financial advisor to Marquis.
© 2022 Private Equity Professional | January 27, 2022