The maker of PebbleTec is the newest company to gain private equity backing.
Pebble Technology, best known for its pebble interior surfaces for pools and spas, was acquired by Graycliff Partners, an investment firm based in New York. It was purchased from a small group of individual shareholders.
Founded in 1987, Scottsdale, Ariz.-based Pebble Techology says it was the first to bring aggregate pool and spa surfaces into the United States. In 2016, it introduced a line of fire and waterfeatures.
Graycliff Partners specializes in lower middle-market investments. “PebbleTec is a household name in the pool business, and we were drawn to its reputation and track record of superior quality, consistency and durability,” said Will Henderson, managing director of the firm, in a press release.
This continues a trend whereby industry manufacturers are being purchased by private-equity firms for the purpose of growing. “We are excited to work with the team at Graycliff to further capture market share in underpenetrated regions, both domestically and internationally,” said PebbleTec CEO Darrell Eckstein.
The largest of the recent private equity purchases was Big 3 manufacturer Hayward Pool Products of Elizabeth, N.J., which was purchased by three investors in 2017. This year, Hayward went on to acquire Paramount Pool Products, a Scottsdale, Ariz.-based manufacturer of various products including automatic pool cleaners.
This is a breaking story and will develop as more information becomes available.