CVC Capital Partners and Leslie’s Holdings have reached a definitive agreement for funds advised by CVC to invest in Leslie’s, a retailer of swimming pool supplies and related products in the US.
Existing equity holders, including affiliates of Leonard Green & Partners and management, will maintain large ongoing ownership stakes in the business.
Terms of the transaction were not disclosed.
Leslie’s operates 645 company-owned retail stores in 35 states throughout North America and also markets its products through mail order catalogues and an internet store.
Larry Hayward, chairman and chief executive of Leslie’s, says: "We are delighted to have CVC as a partner as we enter the next phase of our company’s growth. A global leader in the private equity community, CVC has a very deep capital base, a long history of supporting leading businesses around the world, and significant expertise in the retail sector. Our entire management team is also excited to maintain a large ownership stake in our business and to continue our terrific relationship with our existing partners at Leonard Green."
Chris Stadler, managing partner at CVC, adds: "Leslie’s is a very well-positioned business with a long history of sustained growth and remarkably consistent performance across economic environments. We are delighted to add such a high quality business to our portfolio of US investments, and to back Larry Hayward and the rest of Leslie’s exceptional management team."
The investment in Leslie’s is CVC’s third in the USsince opening its New York office in 2007. In October 2007 CVC acquired Univar, a distributor of chemicals, and in October 2008 CVC made an investment in Pilot Travel Centers, the largest owner and operator of travel centers in North America.
