MAAX Corp. has entered into an asset purchase agreement with Brookfield Bridge Lending in which Brookfield acquires substantially all of the assets and property of the company. Brookfield also assumes substantially all of MAAX’s trade obligations and the continued employment of substantially all of its employees. The purchase price is the amount owing under MAAX’s senior secured credit facility plus the assumption by Brookfield of the assumed liabilities. The transaction, expected to close within 60 days of June 12, will be implemented through a court-supervised process.
In related news, MAAX announced it would not be proceeding with the sales transaction and definitive purchase agreement involving MAAX Spas. Instead, MAAX Spas will continue to be managed under its current operating structure. For more information, visitwww.maax.com.