2016-069

The Carlyle Group Agrees to Sell Zodiac to Rhône

Global developer of equipment and solutions for in-ground residential swimming pools

SAN DIEGO – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced it has agreed to sell Zodiac to investment funds affiliated with Rhône. The transaction, subject to regulatory approvals, is expected to close promptly.  Financial terms were not disclosed.

Zodiac is a provider of premium equipment and solutions for in-ground residential swimming pools, with a product portfolio including pumps, heaters, cleaners, filters, lights and automation. These products are sold in more than 70 countries with highly recognised brands.

Zodiac has 1,300 employees worldwide, with significant engineering and R&D capabilities. During Carlyle’s ownership, Zodiac built a world-class management team, which has developed a comprehensive product portfolio with state of the art technology and energy efficiency. 

Bruce Brooks, CEO of Zodiac, said: “We look forward to working with Rhône during the next phase of our development.  We are grateful to Carlyle for its support and assistance, as we refocussed the company to concentrate on the residential pool sector, which continues to have exciting growth prospects.”

Andrew Burgess, Managing Director at Carlyle Europe Partners, added: “It has been a pleasure to work with the management team of Zodiac, as we transformed it from a diversified business into one focussed on its core product offering in the residential in-ground swimming pool space.  The attractive dynamics of the sector means the company is well-placed to continue its recent strong growth, and we wish Rhône and Bruce every success for the future.”

Equity for the investment, originally made in 2006, came from Carlyle Europe Partners II & III. Carlyle was advised on the transaction by Credit Suisse and Allen & Overy LLP.  Rhône was advised on the transaction by Morgan Stanley and Sullivan & Cromwell LLP.

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Media Contacts

The Carlyle Group
Catherine Armstrong
+44 (0) 20 7894 1632
catherine.armstrong@carlyle.com

Notes to Editors

About Carlyle
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $169 billion of assets under management across 125 funds and 177 fund of funds vehicles as of September 30, 2016. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 35 offices across six continents.

Web: www.carlyle.com
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Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary

About Carlyle Europe Partners
Carlyle Europe Partners (CEP) seeks to invest in upper- and mid-size companies in Europe across a wide range of sectors and industries, accelerate their growth and support their efforts to expand internationally. The current fund is now the fourth in the CEP franchise. The fund is managed by a team of 39 investment professionals across five offices.  Capital for this investment came from both Carlyle Europe Partners II (CEP II) and Carlyle Europe Partners III (CEP III), the latter of which has announced a number of significant exits over the past 12 months, notably including B&B Hotels, Applus, RAC, Telecable, Axalta and MPS.

About Rhône
Rhône, established in 1996, is a global asset management firm with a focus on investments in market leading businesses with a pan-European or transatlantic presence and expansion prospects. Rhône has offices in London and New York and currently holds investments in a diversified portfolio of companies, including investments in the business services, chemicals, consumer products, industrial products, food, packaging, specialty materials and transportation sectors.

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