National pool and spa retailer Leslie's Pool Supplies has changed backing. Its previous owner, global private equity and investment advisory firm CVC Capital Partners, sold Leslie’s Holdings to L Catterton, Connecticut-based global private equity firm. An affiliate of GIC, a Singapore-based global investment firm, also will make a substantial investment.
Existing management at Phoenix-basedLeslie’s Pool Supplies will stay in place, according to Steve Ortega, president and COO of Leslie’s Pool Supplies. The new investors plan to work with Leslie’s to continue the company’s growth, expanding its national footprint and enhancing its in-store and online operations.
The retailer, founded in 1963, demonstrated growth with its previous investor. From the time CVC Capital Partners began its investment in September, 2010, Leslie's grew from 645 to almost 900 locations. The firm also completed six acquisitions to expand the retailer’s reach.
This new partnership aligns with Leslie’s growth strategies, and is poised to go beyond financial support alone, company officials said.
“L Catterton is more than just a financial partner," Ortega said. “They have expertise, and specialized knowledge, and a keen focus on the consumer and retail industry. In addition to being a financial partner, they are also going to be a great strategic collaborator for Leslie’s going forward as we continue our expansion and growth.”
Both organizations entered into the partnership with plans to further develop the retailer’s presence in the market.
Other specialty retail brands L Catterton has invested in include Restoration Hardware, Sweaty Betty, Peloton, PIRCH, Hanna Andersson, Pinarello, and Baccarat.
“Our investment strategy is based on building enduring businesses, characterized by strong consumer demand fundamentals, and fueled by powerful and growing consumer brands," said Scott Dahnke, global co-CEO of L Catterton. "Leslie's fits this strategy perfectly.”
Leslie's locations span through 35 states. The company also has 24 commercial service centers, a national mail-order catalog and and several e-commerce websites, including In the Swim, which the company acquired.