In what would be considered pretty major news in the pool and spa industry, Monomoy Capital Partners has quietly acquired two very well-known and respected brands, Artesian Spas and Marquis Spas. Monomoy is a private investment firm with over $2.7 billion in assets under management. Artesian Spas (and its sub brands) was one of the largest independent hot tub manufacturers left in industry who was growing nicely over the last decade and the pandemic gave it a substantial boost in its efforts to acquire more market share. Artesian (aka May Manufacturing) also has other sub brands such as Tidal Fit Swim Spas and Tropic Seas Spas.
Marquis Spas has always been a higher quality, well established player in the hot tub industry with a good size, loyal dealer base and robust product offering.
There’s aren’t many sizable independent hot tubs manufacturers left in the industry as there’s been major consolidation and evaporation of brands since the housing crisis of 2008-2010. Two examples of this are Jacuzzi Brands and Watkins Wellness who have been on a buying spree over the last decade.
It appears that this move was just a matter of time especially with the pandemic increasing demand and raising the high-water mark across the entire industry as consumers seek out at home wellness products. According to the press release, Monomoy intends to create a holding company keep both brands going and has an appetite for more acquisitions. A larger wellness platform will boost margins and create efficiencies will certainly improve the bottom line when combining resources. This is likely the beginning for Monomoy as they will pursue more hot tub brands and related products creating a larger conglomerate. Would be of no surprise that in the next 5-10 years there could be only 3-4 dominate player in the hot tub industry.