Nordic Products, a privately-held hot tub manufacturer based in Grand Rapids, Michigan, was recently acquired by Monomoy Capital Partners, a private equity company active in the residential hot tub and swim spa markets. The transaction closed on Nov. 10, 2022. Terms of the transaction were not disclosed.
Varnum represented Nordic Products in all aspects of the transaction, including negotiating the purchase and sale agreement and all other legal documents. Pete Roth and Chris George led the M&A team which included Alex Campbell (Corporate and M&A), Chris Caldwell (Estate Planning), John Rolecki (Data Privacy), Shawn Strand (Tax), Staci DeRegnaucourt (Intellectual Property), Beth Skaggs (Labor and Employment) and John Arendshorst (Employee Benefits).
Monomoy Capital Partners is a middle-market private investment firm with over $2.7 billion in assets under management, including companies in the pool and spa platform. The acquisition of Nordic, a leading manufacturer of high-density polyethylene (HDPE) hot tubs in the value category, improves the platform’s existing product portfolio. Boston-based Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC served as Monomoy’s legal advisors on the deal.
“We were very pleased with our representation in the deal,” said Nordic Products CEO Maurizio Vozza. “Everything went very smoothly. The Varnum team worked seamlessly with our investment banker and we were very confident in their representation.”