ThermoSpas is for sale.
The Wallingford, Conn.-based company best known for its direct-to-consumer marketing of hot tubs and swim spas recently began the search for a buyer.
“We’ve had to make some hard decisions,” said Andy Tournas, owner/CEO. “But my strongest objective is to make sure our creditors are taken care of, and we’re working diligently to find a partner that will first and foremost look out for our suppliers as well as continue the ThermoSpas brand.”
The company has hired New York-based investment banking firm OEM Capital to help in its pursuit of an acquiring firm. It has received interest from potential purchasers from inside, as well as outside, the industry, Tournas said.
There is no official asking price for ThermoSpas, which consists of manufacturing, retail, marketing, service and aftermarket units.
“Companies may have interest in some or all of our assets,” added Tournas, who also founded the International Hot Tub Association in 2008. “So it’s really up to them. But I feel this is a great company with a great model and a lot of great divisions.”
Founded by Tournas in 1983, ThermoSpas initially established a domestic dealer base but switched to consumer-direct sales beginning in 1995. In 2009, the company chose to develop a dealer network internationally and a National Service Network domestically that focused on providing service to mass merchants and competitive spa manufacturers that sold direct to the public.
Today, the company’s product line includes five different series of spas and 23 unique molds.