A trio of investors has purchased Hayward Industries, parent company to Hayward Pool Products.
The partnership includes CCMP Capital Advisors (former owner of PSN parent company Hanley Wood), as well as MSD Partners and Alberta Investment Management Corp.
The deal is expected to close in the third quarter of this year, said Dave MacNair, vice president of marketing for the Elizabeth, N.J.-based manufacturer.
The move comes after more than 50 years of ownership by the Davis Family and coincides with the retirement of current Hayward Industries Co-Chairman Robert Davis. Since Oscar Davis purchased the company in 1964, it has maintained an average annual growth rate of more than 10 percent, the company said.
“I am extremely proud of the accomplishments realized by our team in positioning Hayward as a leading provider of pool equipment throughout the world,” Davis said in a press release. “As I approach retirement, I am very confident this next generation of ownership will carry on the Hayward tradition and that our legacy is in excellent hands.”
The change in ownership is not expected to result in changes to staffing or operations, MacNair said. The company’s president and CEO, Clark Hale, will remain in his position, as will the entire executive staff, he added.
“There are no changes to product lines or facilities,” MacNair said. “It’s really come into work the next day and continue to do all the great things we’ve been doing. … I don’t think anything’s going to fundamentally change.”
Hayward Industries started in 1925 as a maker of specialty metal valves and industrial flow control products, founded by Irving M. Hayward and initially located in Brooklyn, N.Y. Upon his retirement, he sold to Oscar Davis. The company says it was one of the first to produce pool equipment using thermoplastics rather than metal.
In addition to Hayward Pool Products, the company includes Hayward Flow Control, which produces industrial thermoplastic valves and process control products in Clemmons, N.C. Hayward Industries markets its products throughout North America and in more than 60 countries globally.