Aston Martin-backer Investindustrial added to its luxury brands today after making a dive for hot tub-maker Jacuzzi.
The private equity firm will buy the group from Apollo Global, Ares Management and Clearlake Capital. No price was disclosed but Jacuzzi sales last year were $500 million.
The business was founded in 1956 by seven Italian brothers who moved to America and felt hydroptherapy in the home could help arthritis sufferers.
Jacuzzi’s tubs can cost anywhere from $5,000 to $20,000.
Italy-based Investindustrial last year struck a deal with private equity firm Carlyle to co-invest in luxury brands.
The company also owns B&B Italia, the Italian high-end design furniture brand, Danish lighting brand Louis Poulsen and casual dining chain Dispensa Emilia.
