Zodiac Marine begins talks to combine with Water Pik

ANNAPOLIS, Md. – The Zodiac Group has entered into exclusive discussions with the Carlyle Group to combine Zodiac Marine with Water Pik, which is already jointly owned by Carlyle and the Zodiac Group, Zodiac reported earlier this week.

Carlyle would own 72 percent of the combined entity and Zodiac would retain a 28 percent stake. Jean-Marc Daillance, CEO of Zodiac Marine, would be CEO of the combined company.

Zodiac Marine supplies marine, pool products and above ground pools. It includes six business sectors: Pool Care, Pools, Marine Recreational boats, Marine Military/Professional boats and two Commercial marine equipment sectors: “SOLAS” and Environmental Solutions.

Zodiac Marine believes the combination would help ensure that each of its sector would continue to have the resources necessary for individual growth, help to reinforce its market presence through acquisitions and help it to participate with Carlyle in the global development of the Marine Segment businesses, the company said.

Water Pik Technologies, Inc. is a developer, manufacturer and marketer of pool products sold under the Jandy brand name. Jandy is already jointly owned by Carlyle (80 percent) and Zodiac (20 percent) and may be combined with the new group, Zodiac reported.

“We are thrilled to see the partnership initiated with Carlyle more than two years ago resulting in this announcement and welcome Carlyle as our potential new controlling shareholder,” said Jean-Marc Daillance, CEO of Zodiac Marine. “We share the same positive views on the future of Zodiac Marine and see good long-term prospects for the company. Carlyle’s global network in Europe, the Americas and Asia as well as its strong track-record of helping its portfolio companies grow both organically and through acquisitions would be a great asset for Zodiac Marine. I look forward to working with Carlyle and Water Pik.”

If Carlyle and Zodiac enter into a definitive agreement, completion of the transaction will remain subject to, inter alia, a number of regulatory conditions and therefore should not occur before the end of the third quarter of 2007.

“We are delighted to continue the partnership formed with the Zodiac Group in 2006 for the acquisition of Water Pik,” said Franck Falézan, managing director of Carlyle. “Zodiac Marine has an impressive track record of profitable growth within its diversified global portfolio. We are fully committed to supporting its strategy notably through acquisitions. In the pool equipment industry, the combination of Zodiac pool care operations and Jandy will be very complementary. We look forward to working with both management teams to make this combination a great success.”

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