Poulin family bows out of Maax

Six months after the founder of bathware manufacturer Maax Inc. (Sainte-Marie, QC) announced he would sell his interest in the company, a sale to a group of private equity firms is in the works. The deal would take the form of a merger with certain companies formed by J.W. Childs Associates LP, Borealis Private Equity LP, Borealis (QLP) Private Equity LP and Ontario Municipal Employees Retirement System.
The merger needs shareholder and regulatory approvals, but is expected to be completed on June 1, 2004.
Placide Poulin, chairman of the board and founder of Maax, holds about 14.5% of the outstanding common shares. He has voiced his support for the transaction.
Maax is a manufacturer of bathroom products and accessories, spas and kitchen cabinets. It employs about 3800 people in 25 plants and distribution centres in North America and Europe.
Following the merger, Andr Hroux will continue as president and CEO of the company. Marie-France Poulin and David Poulin will be leaving Maax after a transition period.