Head acquires scuba company Aqualung Group

US-Austrian Head Group has rescued scuba diving firm Aqualung Group from receivership. The sports equipment company said it is planning a 50 million euro restructuring of the Aqualung business to ensure the continuation and long-term sustainability of the group.

Next to this, Head noted that it is looking to carry out a comprehensive integration plan with “significant synergies”. The plan is to save “hundreds of jobs”, Head said, as well as Aqualung’s current production facilities in France. The group’s presence in the UK and Mexico will further be “improved and expanded”.

For Head, the transaction intends to build on its existing portfolio, which currently encompasses winter sports, racquet sports, sportswear and water sports. As such, Aqualung will join the likes of Mares, SSI, rEvo, Liveaboard.com and Zoggs in Head’s water sports portfolio.

As part of its plan for Aqualung, Head is aiming to maintain and develop the group’s eponymous flagship brand, and its associated Apeks and Aquasphere labels. It is also looking to reinforce and strengthen its military and professional division.

Further emphasis will be placed on Aqualung’s production capabilities, which Head is hoping to build on to back global production and distribution.

Founded in 1943, Aqualung fell into financial difficulties in recent years after being acquired by Barings in 2023. The company ultimately filed for court-managed receivership under French law on May 16, and at the time agreed to work on a resolution that would allow it to re-emerge following reorganisation.