Tricap Partners, a private equity fund managed by Brookfield Asset Management, has acquired MAAX Corp., a Montreal-based maker of bathroom fixtures. No financial terms were disclosed. MAAX had been acquired four years ago for C$640 million by J.W. Childs & Co., Borealis Private Equity and Ontario Municipal Employees Retirement System. It subsequently completed a recap in which the buyers recouped most of their initial equity investment.
MAAX Corporation (“the Company”) announced today that it has completed the previously announced sale of substantially all of its assets to Tricap Partners Ltd., (“Tricap”) a private equity fund managed by Brookfield Asset Management.
MAAX will retain its existing operations and product lines and operate under the name MAAX Bath Inc. in Canada, and MAAX USA Corp. in the United States. MAAX Spa Industries Corp. will hold the spa assets and will operate as a separate subsidiary of Tricap. MAAX will continue to meet its obligations to customers and suppliers, and will continue to employ all of its employees.
“Today marks a new and positive beginning for MAAX and its stakeholders,” said Paul Golden, President and CEO, MAAX Corporation. “The successful completion of this transaction provides us with dedicated new ownership, a strengthened financial position and the opportunity to build on our leadership position in the marketplace. This will enable us to focus on executing our business strategy, building on our reputation for innovation, and increasing our position of leadership in the marketplace. We look forward to working with Tricap and we face the future with confidence.”
Bruce Robertson, Managing Partner of Tricap stated “We are excited about our investment in MAAX as the Company has exceptional products and a strong customer base that have been supported by dedicated employees and loyal suppliers. MAAX is well positioned to grow its leadership position with a very conservative capital structure and sponsorship and support from Tricap”.
MAAX Bath Inc. is a leading North American manufacturer of award-winning bathroom products for the residential housing market. The Company is committed to offering its customers an enjoyable experience: distinctive, stylish and innovative products and the best customer service practices in the industry. MAAX offerings are available through plumbing wholesalers, specialty boutiques and home improvement centers.
The corporation employs over 1800 people and currently operates 14 manufacturing facilities and independent distribution centers throughout North America and Europe. Visit us at www.maax.com.