Tonkon Torp celebrates the successful acquisition of its client Marquis Corp. (d/b/a Marquis Hot Tubs) by Monomoy Capital Partners, a private equity firm. Monomoy intends to retain the Marquis brand to expand the firm’s residential pool and spa wellness platform. The closing occurred in December 2021.
Founded in 1980 and based in Independence, Oregon, Marquis is one of the largest U.S. manufacturers of hot tubs and swim spas. In 2016, Marquis became an Employee Stock Ownership Plan (ESOP). Seeking strategic options to take the company forward, Marquis hired Tonkon Torp with David Forman as the lead attorney after a competitive review process. To assist with the sale process, Marquis also retained the services of Zachary Scott, an M&A advisory firm.
The sale consisted of two transactions that required impeccable timing and coordination. Marquis sold and leased back its manufacturing facility from a real estate investment firm, and sold its operating business to Monomoy. Attorneys who worked with David to structure and negotiate the transaction include Jeffrey Woodcox, Michael Millender, Eric Beach, and Sam DeBaltzo. Additionally, Joseph Voboril stepped in at a critical juncture to negotiate the real estate purchase agreement and lease. In addition to negotiating with two buyers and their advisors, Tonkon Torp attorneys also coordinated the efforts of the ESOP trustee and its advisors throughout the transaction.
Tonkon Torp is grateful for the opportunity to work with the Marquis management team to successfully complete a transaction that resulted in significant proceeds for the ESOP participants, many of whom are new or first-generation immigrants.