Zodiac considers transfer of Marine unit to joint venture

Issy-Les-Moulineax, France - France's Zodiac Group and private equity firm Carlyle Group are considering transferring Zodiac´s marine segment - which includes Zodiac´s inflatable boats business - to a holding company jointly owned by the two companies.

The primary reason for the deal would be to put together Zodiac Marine's pool products business with the Jandy Pool Products business unit that is part of Water Pik Technologies Inc., which Carlyle and Zodiac bought together in April 2006. Carlyle owns 80 percent of that venture.

Combining these two businesses would create a leading global supplier of pool equipment, while allowing Zodiac to focus more on its core businesses in aerospace supply, the firms said. Should the transfer take place, Carlyle would own 72 percent of the revamped Water Pik.

Zodiac and Carlyle were vague on the future of the inflatable boats segment, other than to tout Zodiac Marine's track record of profitable growth within its diversified global portfolio in marine and swimming pool related sectors.

From Rubber & Plastics News (A Crain publication)