The Spanish Fluidra buys 27% of the pool robot manufacturer Aiper for 86 million
The multinational specialized in the swimming pool sector, Fluidrahas announced, in a statement, the closing of the acquisition of 27% of the capital of the pool cleaning robot manufacturer Aiper. This occurs after an investment of 86 million euros (100 million dollars) through the issuance of new shares of this company. The swimming pool giant plans increase this participation until it obtains the majority of the capitall, either through a direct investment or in kind. To take this step, the company will wait for the North American company to meet certain financial objectives.
The CEO of Fluidra, Jaime Ramírez, has shown his satisfaction with the minority stake that the company has gained in Aiper, since it “opens the way for us to become majority shareholders.” Ramírez has stressed that “the company’s disruptive innovation, “Their consumer-centric approach and highly talented team are exactly what we look for in a partner as we define the future of automated pool cleaning.” Aiper founder and CEO Richard Wang also welcomed the alliance between the two companies.
A business opportunity
In a communication a few months ago to the stock market regulator, Fluidra already specified that it would undertake the second phase of the investment when Aipe reaches revenues exceeding $370 million and EBITDA (gross profit) margins of around 15%. The company, a world leader in pool equipment, has justified this investment by understanding that the automatic pool cleaner market is a business opportunity, since there are about 30 million swimming pools around the world and adoption rates are still below 25%.
The manufacturer Aiper has some 470 employees and last year it had a turnover of about 195 million dollars, 75% more than the previous year. Its main markets are North America and Europewhile its strategic manufacturing partners are located in Vietnam and China. Aiper operates two R&D centers in which more than 270 engineers work.
