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
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
“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.