Aqualung, Apeks sold to Barings
According to a press announcement from the company's headquarters in Valbonne, France on June 27, the Aqualung Group, one of the major producers of scuba diving and watersports equipment worldwide, will be acquired by Barings Investment Group for an unknown sum.
The Aqualung business was established in 1943 after Jacques-Yves Cousteau and Émile Gagnan created the "Aqua-Lung." The business also owns the brands Apeks, Omer, Aquasphere, Stohlquist, and US Divers.
One of the top investment management firms in the world, Barings, is in exclusive talks to purchase 100 percent of the Aqualung Group. Barings is most known to the general public for the 1995 collapse of Barings Bank.
A contractual agreement between the parties has been officially endorsed by all significant stakeholders, including Barings and the Aqualung Group's lenders, according to a press release from Aqualung. Ever since the business was acquired by the private equity firm Montagu in 2016, Barings has been a component of the lender group that has been providing financial support to the organization.
The acquisition's anticipated closing is slated for the fall of 2023.
