Air Liquide Enters Exclusive Negotiations with Montagu Private Equity to Sell Aqua Lung

October 4, 2016

Air Liquide announced today that it has entered into exclusive negotiations with Montagu Private Equity, a leading European private equity firm, for the potential sale of Aqua Lung, a key player in personal aquatic equipment for recreational and professional use. Air Liquide is focused on its Gas & Services activities following the Group’s acquisition of Airgas, as well as on the implementation of its company program NEOS for the 2016-2020 period.

If completed, the acquisition by Montagu Private Equity will support Aqua Lung’s next phase of growth and its transformation as a major consumer products player.

The transaction would be subject to the final and definitive agreement between the parties and customary conditions and provisions.

Present in around 90 countries with approximately 1,000 employees, Air Liquide subsidiary Aqua Lung is a key player in personal aquatic equipment for recreational and professional use. Founded in 1946, Aqua Lung is a historical expert in SCUBA diving and has expanded its offering to complementary areas such as swimming, aqua fitness and free diving. In 2015, Aqua Lung generated approximately €200 million in revenue.

Montagu Private Equity is one of Europe’s leading private equity firms. Founded in 1968, Montagu can look back on more than 45 years’ experience in investing in more than 400 transactions. Montagu has a strong track record of supporting portfolio companies, dedicating significant resources to management teams as well as providing additional capital expenditure to fund further growth. Montagu also has considerable expertise helping businesses to accelerate their growth in their home markets as well as to internationalise and expand their customer base. The firm has assets under management of just over €5 billion.