Hayward postpones sale to Bain Capital - Making News

Hayward Industries Inc. has indefinitely postponed plans to sell its residential swimming pool equipment and plastic products businesses to Bain Capital Inc., according to company officials.

In March, Hayward announced that the company had signed a letter of intent to sell the businesses to Boston-based Bain Capital, one of the nation's leading private investment firms. Although terms of the deal were not disclosed at the time, several sources said Bain agreed to pay $570 million for Elizabeth, N.J.-based Hayward Pool Products Inc., the primary business unit of Hayward Industries.

The pool and spa equipment maker cited an uncertain economic environment and a weather-related slow start to the 2003 pool season as reasons for temporarily calling off the deal.

"While we are disappointed that current market conditions have caused us to postpone the sale of these businesses, our prospects remain promising," said Oscar Davis, chairman and CEO of Hayward.

Company officials declined to comment on when an agreement with Bain might be reached.

"We look forward to focusing on growing our business, serving our customers well, and maintaining our market leadership in the pool equipment industry," Davis said.

Hayward has approximately $300 million in annual revenue and 400 employees in California, North Carolina and New Jersey.

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