Latham International is making further aftermarket inroads with the acquisition of Plastimayd, LLC.
The Latham, NY-based maker of fiberglass and vinyl liner pools also gets VynAll liners and CoverLogix safety covers as part of the deal – adding to its portfolio of covers and liners that already includes brands such as Coverstar, Performance Pool Products and Oasis.
“While new pool construction remains soft around the country with the lingering effects of the recession, having greater reach into the aftermarket is attractive to us,” said Latham president and CEO Mark Laven.
Laven said about half of the liners Latham sells today are for new inground pools, whereas a higher percentage of Plastimayd’s products are sold as replacement liners.
Laven said both Plastimayd and VynAll are both strong brands with loyal customers. That they came as a pair sweetened the deal. Plastimayd acquired VynAll in 2007.
“We would have been happy to add either company on its own,” Laven said, “but once they joined forces, the opportunity to buy a combined business with two well-regarded brands was very attractive to us.”
Plastimayd’s manufacturing facilities, located in Oregon, New Hampshire and Louisiana, will now join Latham’s 21 North American plants – five of which produce liners. Laven couldn’t estimate what Latham’s share of the vinyl market is now, though the segment offers room for growth.
“There’s still plenty of competition out there,” he said.
The purchase was closed Dec. 12. Terms of the transaction were not disclosed.
This marks Latham’s fourth acquisition since emerging from Ch. 11 bankruptcy. The company, whose majority shareholder is Greenwich, Conn.-based private equity firm Littlejohn & Co., purchased several manufacturers of fiberglass pools in recent years.