Aqua-Leisure Recreation, LLC announced the acquisition of Denver, CO-based Airhead Sports Group. With the acquisition, the company said it becomes the market leader within the aquatics consumer products industry.
Aqua-Leisure makes aquatic products and pool accessories under brand names including Aqua Pro, Aqua, Aqua Fitness, Dolfino, and SwimSchool and manufacturers pool hammocks and lounges.
Founded in 1991, Airhead Sports Group manufactures outdoor, marine, watersports, and winter leisure products under the brand names Airhead, Sportsstuff and Yukon Charlie’s.
Aqua-Leisure said the new company’s enhanced global footprint, combined with expanded sourcing and distribution capabilities and increased manufacturing, as well as product development and R&D expertise, will enhance its growth trajectory to offer new opportunities to serve its retail customers and position the company for growth in additional to omnichannel retailers and wholesale distributors.
“The Airhead family of brands is a natural fit for the Aqua Leisure portfolio,” said Steve Berenson, CEO, Aqua-Leisure. “Our combined product offerings will be able to satisfy greater consumer demand for a wider range of outdoor recreational activities. We are big believers in empowering consumers to experience all the fun that can be had outdoors, and we’re excited to move forward under my direction with this next phase of growth and innovation with the Airhead team.”
This is the first add-on acquisition for Aqua-Leisure since Blackford Capital acquired the company in January 2021.
“This acquisition is a significant step in Blackford’s growth strategy for Aqua-Leisure,” said Martin Stein, founder and managing director of Blackford Capital. “Bringing these two companies together creates an extremely strong portfolio across watersports, marine, and pool and float categories, allowing us to drive new growth and long-term profitability.”
The addition of Airhead’s portfolio of products for the year-round and seasonal outdoor recreation enthusiasts will presen cross-selling opportunities, and the increased volume created by this acquisition will result in opportunities in sourcing and purchasing. Airhead products are distributed across 60-plus countries through six core channels.
“For more than 30 years, Airhead Sports Group has designed and distributed the finest watersports and winter leisure products available,” said Leland Nichols, President and CEO of Airhead Sports Group. “As part of the Aqua-Leisure portfolio, we will realize both growth and scale synergies. And by optimizing these complementary capabilities, we will continue to exceed customer and consumer expectations for product quality, innovation, and successful on-time delivery as we actively improve our competitive positioning within the watersports and winter leisure categories for years to come.”
The existing leadership at Airhead will remain following the transaction close. Leland Nichols will become COO of the combined group reporting to Steve Berenson, CEO, with responsibilities for operations of the consolidated business and corporate integration.
Houlihan Lokey served as exclusive financial advisor and White & Case LLP served as legal advisor to Airhead. Varnum LLP served as legal advisor and Grant Thornton served as the financial and tax advisor to Blackford. Key Bank provided debt financing and Muzinich & Co., and Capital Dynamics provided debt and equity financing in support of the transaction.
Photo courtesy Airhead Sports Group
