MAAX completes sale of assets to Tricap Partners

By Caroline Salls

Pittsburgh, Sept. 18 - MAAX Corp. has completed the sale of substantially all of its assets to Tricap Partners Ltd., a private equity fund managed by Brookfield Asset Management, according to a company news release.

MAAX said it will keep its existing operations and product lines and operate under the name MAAX Bath Inc. in Canada, and MAAX USA Corp. in the United States. Also, MAAX Spa Industries Corp. will hold the spa assets and will operate as a separate subsidiary of Tricap.

MAAX said it will continue to meet its obligations to customers and suppliers and will continue to employ all of its employees.

"Today marks a new and positive beginning for MAAX and its stakeholders," MAAX president and chief executive officer Paul Golden said in the release.

"The successful completion of this transaction provides us with dedicated new ownership, a strengthened financial position and the opportunity to build on our leadership position in the marketplace.

"This will enable us to focus on executing our business strategy, building on our reputation for innovation, and increasing our position of leadership in the marketplace."

As previously reported, the purchase price was equal to the amount owed under MAAX's senior secured credit facility, plus the assumption by Brookfield of liabilities.

MAAX, a Montreal-based manufacturer of bathroom and spa products, filed for Chapter 15 bankruptcy on July 14 in the U.S. Bankruptcy Court for the District of Delaware. The case number is 08-11443.

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