The HEAD Group announced today it has formally acquired the Aqualung Group.
In a June 26 ruling, the Nice Commercial Court declared HEAD as the successful bidder in the takeover process of the ailing Aqualung Group, which has been in insolvency administration since May 16.
According to a LinkedIn post:
“Building on its existing portfolio in Winter Sports, Racquet Sports, Sportswear, and Water Sports, the transaction will significantly strengthen HEAD’s presence in the Water Sports segment by expanding its brand portfolio beyond its established Water Sports brands that include MARES, SSI, rEvo, LIVEABOARD.COM and ZOGGS.”
HEAD said it plans a comprehensive restructuring of the Aqualung Group business unit and will provide immediate financial resources to ensure the continued existence and long-term stability of the group. To this end, HEAD has put together a rescue package of over €50 million/~US$58.6 million and presented a comprehensive integration plan with significant synergies. This will secure hundreds of jobs and improve and expand Aqualung’s production facilities in France, the UK and Mexico:
“The combined group becomes the world leader in the global Water Sports market, uniting two iconic players driven by safety, technical excellence, innovation, comfort and design, performance, and passion for sport and aquatic exploration.”
HEAD will maintain and further develop the Aqualung, APEKS and AQUASPHERE brands and strengthen the strategically important and growing military and commercial diving divisions, the company said.
Additionally, HEAD said it plans to leverage the Aqualung Group’s production capacities to support the global production and distribution of premium products. The combined expertise of both companies will accelerate market leadership and open up new opportunities to expand access to watersports worldwide.
Founded in 1943 following the invention of the “Aqua Lung” by Captain Jacques Cousteau and engineer Émile Gagnan, the Aqualung Group is a pioneer with an unparalleled history and is a global reference in diving equipment. Its products are distributed in over 90 countries and used by recreational, military and professional divers for critical missions.
In 1971, HEAD acquired MARES and has since developed into a leading diving brand with innovative products.
SSI was acquired by HEAD in 2014 and is now the leading diver training organization in Europe, having more than doubled its revenue since then.
ZOGGS, an Australian-founded swimwear brand, was acquired in 2020 and has since experienced strong international growth through the HEAD network.
