Cody Pools, the Austin-based builder that has topped PSN’s Top 50 Builders list for nine years, has acquired two fellow honorees.
Last month, the company purchased California Pools & Landscape, a Phoenix-based high-end builder, taking it into the Grand Canyon state. (This company is not connected to the California Pools chain of builders.)
Cody CEO Mike Church doesn’t anticipate making changes to California Pools & Landscape. It will operate as is, focusing on the high-end market. Its president, Jeremy Smith, will continue with that title, and its founder, Mike Smith, will remain for the time being.“Together, [Cody and California] have long been dominant in their respective markets and are excited to combine their strengths to create even more backyard memories that pool ownership brings to their customers,” the company said in a press release.
In August, Cody acquired another fellow Top 50 builder, Houston-based Platinum Pools. Its CEO, Scott Waldo, has retired. This transaction did involve some market overlap, as Cody also has an office in Houston. But each company mostly serves different parts of town, Church said. Both offices will remain open, with the Platinum site serving as the main office, because of its more extensive showroom. Cody’s Houston office will serve as more of a satellite in the city.
Both Platinum and California Pools & Landscape will keep their brands for the foreseeable future, Church said, with the tagline, “a Cody Pools company.” If it seems that changing over to the Cody Pools name is beneficial at some point, that may happen, he added.
These mark the second and third acquisitions for Cody, which purchased Tampa, Fla.-based builder Challenger Pools in 2018. Over time, Challenger converted to Cody Pools. The Florida operation’s annual revenues have grown from $8.7 million before it was acquired to approximately $40 million.
It appears that these last purchases make Cody the largest independent pool builder in the country. In 2020, it reported a total revenue of $107 million. California Pools & Landscape, which ranked 13th in the Top 50 Builders list in 2021, generated $70.8 million in 2020. Platinum, listed in the 21st position, brought in $34.8 million. At presstime in December, Church expected the combined company to close out 2021 having completed 3,600 pools.
Cody now has a presence in three of the largest pool markets in the U.S. However, the company isn’t necessarily looking to acquire any other companies in the near term, Church said. Last year’s acquisitions came about in part because he was familiar with the firms, as friends of Waldo and the Smiths. Over time, he may consider similar organic growth or similar deals with companies that he knows. But he doesn’t expect to pursue locations in any other states.
“This is pretty big,” he said. “Right now it’s going to be enough just to get our group focused on moving forward because we’re covering so much market area.”
