Elizabeth-based Hayward Industries Inc. has agreed to acquire Paramount Leisure Industries Inc., it announced Thursday.
Hayward Industries is a manufacturer and marketer of residential and commercial pool equipment and industrial flow control products. Arizona-based Paramount, known as Paramount Pool & Spa Systems, is a provider of pool products.
“We are delighted to join forces with Buzz and the Paramount team. Their culture of innovation and superior customer service combined with Hayward’s global reach will create significant growth opportunities for both companies, our customers, and our employees,” Clark Hale, CEO of Hayward Industries, said.
Paramount CEO Lewis “Buzz” Ghiz said: “We’ve built an exceptional company in large part due to the relationships established with our valued clients and friends over many years. Hayward acknowledges this and I believe they will be good stewards of the Paramount brand. We will operate as an autonomous business under the Paramount name with the same structure we have today; the same management team, sales force, customer service team and operations.
“We are committed to growing the business with the same passion and culture and by always staying highly focused on being customer centric. We look forward to this relationship and this new phase for Paramount.”
The deal is expected to close by the end of August.