Middle-market investment firm InvestIndustrial agreed to pay an undisclosed sum to buy Jupiter Holding I Corp. from funds affiliated with Apollo Global Management LLC, Ares Management Corp. and Clearlake Capital Group LP.
The transaction, slated to close in the first quarter, is being conducted through an investment unit of Investindustrial VI LP. Nottingham-Spirk Design Associates Inc., a Cleveland-based product design company, will co-invest in Jupiter as a minority stockholder.
InvestIndustrial tapped Charles Huebner to become executive chairman of the target company, also known as Jacuzzi Brands LLC. Huebner most recently was CEO of kitchen appliance company Dacor Inc.
Jacuzzi owns several spa and bath product brands, including its flagship Jacuzzi brand, Sundance, New Dimension One Spas, Hydropool Industries Inc., ThermoSpas and BathWraps.