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Area manufacturer acquires company for $218.5 million

Balboa provides electronic controls for the health and wellness industry.


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  • | 11:08 a.m. October 12, 2020
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Courtesy. In a statement, Helios President and CEO Josef Matosevic says the acquisition further advances the company's Vision 2025 strategy.
Courtesy. In a statement, Helios President and CEO Josef Matosevic says the acquisition further advances the company's Vision 2025 strategy.
  • Manatee-Sarasota
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SARASOTA — Helios Technologies will acquire BWG Holdings I Corp., operating as Balboa Water Group, for $218.5 million from investment funds affiliated with AEA Investors LP.

Helios, a Sarasota-based global industrial technology company that develops and manufactures solutions for the hydraulics and electronics markets, plans to fund the acquisition through a combination of cash and existing and new credit facilities, according to a press release. Helios expects to close the transaction in the fourth quarter.

Balboa provides electronic controls for the health and wellness industry with proprietary and patented technology that enables end-to-end electronic control systems for therapy bath and spas. It is headquartered in Costa Mesa, Calif. Balboa sells into 47 countries and uses a manufacturing facility in Baja, Mexico.

“With this acquisition, we are further advancing our Vision 2025 strategy by executing on the value streams focused on product and technology expansion and market diversification,” says Helios President and CEO Josef Matosevic in a statement. “The addition of Balboa’s complementary technology to our portfolio enhances our scale and leadership position in digital control systems and allows us to strategically expand our product portfolio. We believe the strategic and financial benefits resulting from this acquisition are compelling for both our company and our stakeholders.”

Helios Technologies operates in two business segments, hydraulics and electronics. The hydraulics segment markets and sells products globally under the brands of Sun Hydraulics for its cartridge valve technology, Custom Fluid Power for its hydraulic system design and Faster which provides quick release coupling solutions. Global electronics brands include Enovation Controls and Murphy.

Helios reported $554.66 million in 2019 gross revenue.

 

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