HEAD acquires Aqua Lung Group: Everything you need to know

Last updated on 28 Jun 2025

After months of talks and rumors, it was publicly confirmed on the 26th of June that HEAD group would acquire the Aqualung group. The decision was announced by the Commercial Court of Nice, following a bid for the company, which was placed under insolvency administration since May 16, 2025. The latter was in a bad financial position following the COVID-19 Pandemic, harboring extreme debts.

Where did Aqualung's debts come from? In 2016, Aqualung was purchased by Montagu Private Equity using leveraged financing: loaning 120 million euros from HSBC, Bank of Ireland, and ING. As the Equity started cutting costs, firing employees, and selling assets, everything looked like the best for them, until the COVID-19 pandemic hit. When the pandemic started, the scuba-diving market took a big hit, and Aqualung found itself unable to pay off its debts. In July 2020, Aqualung received an emergency loan of 17 million euros from the French government, and received another loan of 18 million euros in 2022. With Sales down due to the pandemic, increased interest rates, and more than 150 million euros of debt, the group was put under order by a judge to restructure its debts.

HEAD has announced plans to retain and further develop the Aqualung, Apeks, and Aquasphere brands. They have also reported a planned restructuring of the group, announcing a 50-million euro package to (in their own words) "ensure the group's continued existence and long-term stability".

Click here to read the official press release from HEAD.

What does this mean? With this move, HEAD, which previously acquired SSI (Scuba Schools International) and Mares as its subsidiary, is expanding its presence even further in the scuba diving industry. For enthusiasts of the Aqualung/Apeks/Aquasphere brands, this is good news as the brands will benefit from solid financial backing and resources.

Aqua Lung Group

The Aqualung group is a France-based company composed of the following brands: Aqualung, Apeks, Aquasphere, and Military&Professional Aqualung. Heavily tied in the manufacturing of SCUBA (Self-Contained Underwater Breathing Apparatus) and the general diving industry, Aqualung was originally founded by none other than what a lot of people consider to be the father of scuba diving: Jacques-Yves Cousteau, alongside émile Gagnan.

The very beginning of Aqualung started back in 1945, when Air Liquide, a french multinational company known for manufacturing compressed gases, founded its own division to mass produce regulators: this division was called La Spirotechnique. La Spirotechnique produced the CG45 (also named the Aqua-Lung by Jacques Cousteau), the first ever regulator to be made commercially available.

The CG45 was the only regulator produced and sold by La Spirotechnique until 1955, when they released their first single-hose regulator named Cristal (or Aquamatic). Due to the widespread name of its product, La Spirotechnique renamed and rebranded itself under the name Aqua Lung International.

An illustration of the Aquamatic, old regulator by Aqualung — The Aquamatic (All rights to the image reserved to the Aqualung group)

The brand branched further into the marine world, acquiring SeaQuest in 1990, Deep See in 1992, Apeks in 1997, Omersub in 2013, and Pelagic Pressure Systems in 2016. In 2021, Aqua Lung International became what we know today as the Aqua Lung Group.

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Incompatibility of Diving and Private Equity Firms? While under the management of Montagu Private Equity, Aqualung products faced criticisms from diving customers, resellers, and dive center owners, who felt abandoned by the brand.

Who/What is HEAD?

Head, founded by Howard Head in 1950, was originally focused on Skiing equipment. Its main product was the "Head Standard", Howard's first successful skis, which earned HEAD more than half of the U.S. ski market sales in the 50s and the 60s. However, the company was destined to branch out to more activities, starting with tennis, when Howard took up an interest in tennis and figured out a way to enhance the rackets, a tennis division was created. In 1969, Howard sold the company to AMF (American Machine and Foundry). In 1975, HEAD acquired Tyrolia, a ski-binding company, and Mares, a scuba diving equipment manufacturer.

In 1985, Minstar Inc. took over HEAD through a hostile takeover, and additionally to Tyrolia and Mares were bought out to form HTM, which was then sold to Austria Tabak, a tobacco conglomerate.

In 2014, HEAD bought SSI for 4.9 million euros, and with the recent purchase of Aqualung Group, HEAD is becoming one of the biggest entities in the scuba diving industry.