In September 2010, Funds advised by CVC completed an equity investment in Leslie’s, the leading specialty retailer of swimming pool supplies and related products in the US.
Based in Phoenix, Arizona, Leslie’s operates 645 company-owned retail stores in 35 US states and also markets its products through mail order catalogues and an internet store. Leslie’s generates the majority of its revenue from regularly purchased, non-discretionary pool maintenance items such as chemicals, equipment, cleaning accessories and parts, and also sells fun, safety and fitness-oriented recreational items.
Leslie’s stocks approximately 700 items in each store, with more than 30,000 additional items available through the company’s other channels of distribution and special order processes. The company operates as a vertically integrated manufacturer, distributor and retailer, and provides a large proportion of its key products under proprietary brand names.
Leslie’s possesses a unique, defensible market-leading position in a highly fragmented and attractive niche market. The company has a strong management team that has delivered a highly consistent track record of profitable growth over time and across business cycles.
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 long history of supporting leading businesses around the world, and significant expertise in the retail sector.