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 United States,” 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 provided legal counsel to Monomoy on the acquisitions. Calder Capital served as financial advisor and Varnum served as legal counsel to Nordic.