MONTREAL, Sept. 18 /CNW Telbec/ - MAAX Corporation ("the Company")
announced today that it has completed the previously announced sale of
substantially all of its assets to Tricap Partners Ltd., ("Tricap") a private
equity fund managed by Brookfield Asset Management.
MAAX will retain its existing operations and product lines and operate
under the name MAAX Bath Inc. in Canada, and MAAX USA Corp. in the United
States. MAAX Spa Industries Corp. will hold the spa assets and will operate as
a separate subsidiary of Tricap. MAAX will continue to meet its obligations to
customers and suppliers, and will continue to employ all of its employees.
"Today marks a new and positive beginning for MAAX and its stakeholders,"
said Paul Golden, President and CEO, MAAX Corporation. "The successful
completion of this transaction provides us with dedicated new ownership, a
strengthened financial position and the opportunity to build on our leadership
position in the marketplace. This will enable us to focus on executing our
business strategy, building on our reputation for innovation, and increasing
our position of leadership in the marketplace. We look forward to working with
Tricap and we face the future with confidence."
Bruce Robertson, Managing Partner of Tricap stated "We are excited about
our investment in MAAX as the Company has exceptional products and a strong
customer base that have been supported by dedicated employees and loyal
suppliers. MAAX is well positioned to grow its leadership position with a very
conservative capital structure and sponsorship and support from Tricap".
MAAX Bath Inc. is a leading North American manufacturer of award-winning
bathroom products for the residential housing market. The Company is committed
to offering its customers an enjoyable experience: distinctive, stylish and
innovative products and the best customer service practices in the industry.
MAAX offerings are available through plumbing wholesalers, specialty boutiques
and home improvement centers.
The corporation employs over 1800 people and currently operates 14
manufacturing facilities and independent distribution centers throughout North
America and Europe. Visit us at www.maax.com.
For further information:
For further information: Stephanie Jarrold, Corporate Director,
Communications, MAAX Corporation, (514) 844-4155 ext. 242, Cell.: (514)
705-4905, email@example.com, www.maax.com