Monomoy Capital Partners, a middle-market private investment firm focused on operational value creation, announced today that its pool and spa platform acquired Nordic Hot Tubs. The platform now consists of Artesian Spas, Marquis Hot Tubs and Nordic Hot Tubs.
Nordic manufactures hot tubs and related accessories for the residential market in North America and Europe. The Nordic acquisition will enhance the platform’s existing product portfolio by adding the leading manufacturer of high-density polyethylene (HDPE) hot tubs in the value category.
Artesian CEO Rick Gallagher remarked, “Nordic has a stellar brand reputation. We are pleased to partner with a company that shares our goal of producing high-quality products for its customers with industry-best customer service. This combined partnership will strengthen our ability to serve our growing customer base with the best product at every price level.”
“Nordic is complementary to our existing Artesian and Marquis brands, and together the platform will leverage the strengths of each brand to deliver superior products made in the U.S.,” commented Monomoy Managing Director Lee Mlotek. “We are excited to partner with the management teams as they scale their businesses together.”
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. provided legal counsel to Monomoy on the acquisitions. Calder Capital, LLC served as financial advisor and Varnum LLP served as legal counsel to Nordic.
About Monomoy
Monomoy Capital Partners is a private investment firm with over $2.7 billion in assets under management. Monomoy invests in the equity and debt of middle-market businesses that can benefit from operational and financial improvement with a focus on manufacturing, distribution and consumer product businesses in North America and Europe. Please visit www.mcpfunds.com for further information concerning Monomoy and its portfolio companies.
About Artesian
Founded in 1993, Artesian Spas is a manufacturer of hot tubs and swim spas. Artesian Spas’ founding partners came together with one uniting goal: to provide the best quality hot tubs and spas, the most features and the greatest range of products. The company offers four lines of hot tubs and swim spas and manufactures products out of its Las Vegas, Nevada headquarters.
About Marquis
Marquis is a manufacturer of hot tubs, swim spas and related accessories. Marquis offers creative and innovative designs that provide consumers with the ultimate soaking experience, cost less to operate and require minimal maintenance. Marquis spas are designed with cutting-edge features for comfort and long-lasting enjoyment. Marquis was founded in 1980 and is headquartered in Independence, Oregon.
About Nordic
Nordic is a privately-owned manufacturer of hot tubs and related accessories. For over 25 years, Nordic Hot Tubs has led the industry in providing high-quality, therapeutic and affordable hot tubs. At the heart of Nordic’s mission is the STAR philosophy meaning every hot tub should be Simple, Therapeutic, Affordable and Reliable. Nordic was founded in 1995 and is headquartered in Grand Rapids, Michigan.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221114005787/en/
Contacts
MiddleM Creative, on behalf of Monomoy Capital Partners (media inquiries)
Jan Morris, Vice President
jan@middlemcreative.com | 904.210.3302
