The American investment company Barings will buy the French specialist in scuba diving equipment Aqualung to bring it into a new era focused on accelerating its development, Aqualung said on Tuesday.
Aqualung was co-founded by Commander Jacques-Yves Cousteau in 1943, at the time within the French industrial gases producer Air Liquide. Now present in more than 100 countries, the company based in Sophia Antipolis (Alpes-Maritimes) presents itself as the world leader in commercial, professional and military scuba diving equipment.
Barings was already a creditor of Aqualung (formerly Aqua Lung), which was sold by Air Liquide in 2016 to British fund Montagu Private Equity.
We are confident in the Group’s capabilities and we are committed to strengthening our support to instil a new commercial dynamic, noted Benjamin Gillet, a Barings manager.
The Aqualung Group is entering a new era focused on accelerating its development, with a shareholder who has in-depth knowledge of the company, greeted the CEO of Aqualung Bruno Cercley.
The transaction is expected to close in the fall of 2023, according to the release. No financial details were disclosed.
Barings, a subsidiary of MassMutual Financial Group, has $362 billion in assets under management.