MAAX Spas, Chandler , Ariz., announced that it was sold to Brookfield Asset Management on Sept. 18th. 2008
Terry Rake, vice president and general manager of MAAX Spas, said "the company is stronger then ever, debt free and prepared to invest in the future growth of the company"
Brookfield is a global asset manager focused on property, power and other infrastructure assets with approximately 95 billion of assets under management. The company has offices in New York, Toronto, London and Rio de Janeiro, Brazil.
In a related matter , MAAX Spas also announced in a strategic move to cut costs, that it did not renew the licensing agreement with the Coleman Company and discontinued the use of the Coleman Spas brand October 13, 2008.
MAAX Spas will re-launch its former Coleman Spas models--with improvements and redesigned features at the Annual Trade Show in Las Vegas in November.
"We own all the technology, structure, features,etc. that have gone into the spas and will continue to produce essentially the same product, it will just have our own MAAX Spas branding" said Katie Fahn, MAAX Spas marketing coordinator.
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