Norwalk, Connecticut, June, 2012 – TrueNorth Capital Partners LLC is pleased to announce that its wholly-owned subsidiary, TNCP, LLC acted as exclusive financial advisor and investment banker to ThermoSpas, Inc. (the “Company”) in its sale of substantially all of its assets to an affiliate of Jacuzzi Brands Corp. (“Jacuzzi”). TrueNorth managed the sale process post-filing in what resulted in the successful sale pursuant to Section 363 of the US Bankruptcy Code.

The Company, in business since 1985, is a leading direct-to-consumer manufacturer, seller, and servicer of hot tubs, spas, and accessories. Unique in the industry, the Company sells its products through direct marketing channels including the internet, telemarketing and a direct in-home sales force. On February 27, 2012, the Company filed a voluntary petition for relief pursuant to Chapter 11 of Title 11 of the United States Bankruptcy Code (the “Code”), District of Connecticut, and had continued in possession of its assets and the operation of its business through closing. As a condition to this transaction, Jacuzzi has entered into a new two year lease at the Company’s leased facility in Wallingford, Connecticut and initially will employ an agreed upon number of employees in the State of Connecticut.

ThermoSpas was represented by Douglas Skalka Esq. of Neubert, Pepe and Monteith P.C. and Jacuzzi was represented by James Tancredi Esq. of Day Pitney LLP.

About TrueNorth Capital Partners LLC:

TrueNorth Capital Partners, LLC www.truenorthcp.com provides corporate advisory services on mergers and acquisitions and restructurings as well as provides valuations and fairness opinions primarily to middle market companies. Capitalizing on the vast international M&A and restructuring backgrounds of the founders, the firm provides sophisticated financial advice to middle market clients. TrueNorth’s professionals have built their careers and reputations serving this market and understanding its intricacies. Their skills have been evidenced in hundreds of assignments and they have completed those assignments while always remaining true to their core principles: unwavering commitment to our clients’ best interests and the highest standard of service. TrueNorth conducts its securities-related business through its wholly owned subsidiary TNCP, LLC, member FINRA/SIPC.

Contacts:
Jeffrey Gaynor
[email protected]
203.604.2007

About Jacuzzi Brands Corp:

Jacuzzi Brands Corp., (a privately owned company) through its subsidiaries, is a global manufacturer and distributor of high quality and innovative branded bath, plumbing and backyard products for the residential, commercial and institutional markets. Product offerings include whirlpool baths, outdoor hot tubs, showers, sanitary ware, bath tubs, as well as fixtures and accessories. Products are marketed under our portfolio of brand names, including the flagship JACUZZI® brand as well as, SUNDANCE®, and ASTRACAST®. Learn more atwww.jacuzzi.com