Hayward Industries Inc., a manufacturer of residential and commercial pool equipment and industrial flow control products based in Elizabeth, announced it has closed on the acquisition of Paramount Leisure Industries Inc.
Paramount Industries, a supplier of in-floor pool cleaning systems, is based in Chandler, Arizona. The deal was first announced earlier this year.
“Paramount’s 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.
“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,” Buzz Ghiz, CEO of Paramount, said.
Under terms of the deal, Paramount will operate as an independent business and keep its name with the same management, sales, customer service and operations teams.
Financial terms were not disclosed.