AEA Investors has acquired Balboa Water Group from Quad-C Management for an undisclosed amount.

Balboa, headquartered in Tustin, California, provides pumps, blowers, electronic control systems, jets, and other goods and accessories to the leisure water industry, which includes the spa and jetted-bath markets.

The company has been backed by private equity firm Quad-C since 2007, when the firm partnered with CEO Eric Kownacki and vice president of sales Jeff Christine (both formerly of Polaris Pool Systems, a former Quad-C portfolio company) to consolidate the leisure water sector. Since then, the business has made five add-on acquisitions.

"Despite the historic downturn in the market, we remained committed to the strategic vision and were able to take advantage of the distress in the market to pursue several follow-on acquisitions at attractive prices," says Thad Jones, Quad-C partner.

Balboa was just one of several building products businesses that Charlottesville, Virginia-based Quad-C has backed. The firm is also invested in roofing business InterWrap, and Wolf, a kitchen and bath cabinetry distributor. The firm also recently invested in health care-focused advisory firm VMG Health.

AEA, headquartered in New York, invests in industrial products, specialty chemicals, consumer goods and retail and other services. In October, the firm agreed to sell work footwear brand Shoes for Crews to CCMP Capital Advisors LLC.  For more on the firm, watch our video interview with AEA's Baron Carlson.

Building products companies have been very attractive targets as the construction sector continues its rebound. For more, see Home Building Surge will Lead to More Building Products M&A. 

Manufacturing industry