The HEAD Group appears to be in the final stages of talks to acquire the Aqualung Group, according to news reports.
HEAD owns several sporting goods brands, among them rEVO, Mares and Scuba Schools International.
In December 2023, investment firm Barings completed its acquisition of Aqualung Group.
Before the purchase, Barings had been part of the lender group that was providing financial support to the company since its acquisition by Montagu, the private equity firm, six years prior.
In March 2024, the Aqualung Group announced it would start a “progressive shutdown” of its manufacturing activities at the company’s Technisub facility in Genoa, Italy.
Production was transferred to Aqualung Group’s site in Blackburn, England by the end of last year, the company said.
In a press release posted to its LinkedIn page, the company said at the time:
“The Group has faced important challenges over the last years weighing heavily on its cash flow. As part of its transformation, the Group has taken actions to reduce its fixed costs and restore its long-term sustainable growth through a more agile and efficient organization.”
The following April, Aqualung sold its US Divers brand to Aqua Master Sporting Technology.
In December 2023, Aqualung Group announced it was reorganizing its North American operations with the laying off of 60 US-based employees, closing its facilities in California and Hawaii and transferring its US distribution office to the East Coast.
