Pamplona Capital Management (“Pamplona”), is pleased to announce that it has acquired a controlling interest in Latham Pool Products, Inc. (“Latham” or “the Company”) from Wynnchurch Capital (“Wynnchurch”), which will remain a significant investor in the Company. The deal values Latham at $375 million.
Headquartered in Latham, NY, Latham is the leading manufacturer of pool components and accessories in North America. The Company’s industry leading, branded product offering includes fiberglass pools, automatic safety covers, in-ground vinyl pool liners, polymer and steel pool wall systems, and other related accessories. The Company has over 20 manufacturing facilities and distribution centers across the U.S. and Canada.
Russell Gehrett, Partner at Pamplona said, “We are excited to work with Wynnchurch and the Latham management team to build on the Company’s 62 years of customer relationships and market leadership. Latham already has a reputation for building the most reliable, high quality, innovative, and affordable pools in the industry, and this will remain the focus going forward.”
Pamplona, Wynnchurch, management, and the founding family have partnered to position the business for meaningful growth, innovation and international expansion. The investors are pleased to be backing the current management team, led by CEO Scott Rajeski, which will continue to lead the Company post acquisition.
Chris O’Brien, Managing Partner at Wynnchurch said, “We are very pleased with the extraordinary progress that Latham has made and believe the business, under Scott’s leadership, is poised for future growth. Pamplona brings global resources and significant experience supporting growth businesses, which will help continue Latham’s development as the leader in the pool industry.”
“Latham is a much stronger and different company today than it was five years ago. I am very appreciative of all the support Wynnchurch has provided us over the last three years and I believe Pamplona is the right partner to help to accelerate our growth strategy going forward”, said Mr. Rajeski.
Pamplona’s investment will be made from its fifth private equity fund, Pamplona Capital Partners V, L.P., a $3.2 billion investment vehicle raised in 2017.
Pamplona Co-Managing Partners William Pruellage and Martin Schwab added, “Pamplona is excited to partner with Latham’s proven management team and looks forward to the opportunity to continue to support the Company’s growth and expansion. During the past two years, Pamplona has invested over $4 billion in equity and has returned $3.5 billion of capital to investors through eight exits.”
Goodwin Procter LLP provided legal advice to Pamplona in connection with the transaction and Nomura and Cowen served as financial advisors.
Foley & Lardner LLP provided legal advice to Wynnchurch in connection with the transaction and William Blair and Moelis served as financial advisors.