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Date:Tuesday 17 January 2017
Title:CVC Capital Partners to sell Leslie’s Holdings, Inc.

CVC Capital Partners to sell Leslie’s Holdings, Inc.

CVC Capital Partners announced today that it has agreed to sell Leslie's Holdings, Inc., the leading omni-channel pool supplies retailer in the United States, to L Catterton and an affiliate of GIC. The transaction is subject to standard regulatory approvals, and financial details of the transaction have not been disclosed. 

Founded in 1963, Leslie's is the world's largest retailer of swimming pool supplies and related products. Leslie's provides its customers with a comprehensive selection of high quality products, competitive prices and superior customer service through knowledgeable sales personnel who offer a high level of technical assistance at convenient store locations. 

Funds advised by CVC made an investment in Leslie's in September 2010. CVC is one of the world’s largest private equity firms and has significant experience investing in consumer and multi-unit businesses. During CVC's ownership period, Leslie's has grown its store base from 645 to nearly 900 locations and completed six acquisitions that have expanded the company's geographic presence and omni-channel capabilities. 

Larry Hayward, Chairman of the Board of Directors and CEO, said: "I would like to thank CVC for its unwavering support of our business and management team during our partnership. Together we have scaled and transformed the company, generating outstanding growth and positioning Leslie's for ongoing long-term success."

Christopher Stadler, Managing Partner at CVC, said: "We are very pleased with the strong continued development of the Leslie’s franchise during our partnership. The company has further bolstered its positioning across all facets of its business model over the past six years. We are delighted to have had the opportunity to contribute to Leslie's success and wish Larry Hayward, Steve Ortega, and their entire management team the best of luck for the future."

Cameron Breitner, Partner at CVC, added: "This transaction marks the end of a highly successful partnership with Leslie's management team and extends CVC’s strong track record of investing in the consumer sector. Leslie's accomplishments during our partnership through scaling its store base, significantly expanding online, introducing compelling proprietary products, and completing several accretive acquisitions are emblematic of the value creation we strive to support."

Goldman Sachs acted as lead financial advisor to Leslie’s on the transaction and Bank of America Merrill Lynch also acted as financial advisor. Gibson Dunn & Crutcher served as legal advisor to Leslie's.