ST. PETERS, MO, September 29, 2026 – King Technology, a leading innovator in hot tub, swim spa and pool water care, and sanitization systems, has opened a new centralized manufacturing, warehousing, and distribution center in St. Peters, Missouri. The company is investing at least $17 million in the facility, which is expected to ultimately employ 40 workers in the next three years.

“King Technology’s investment of more than $17 million in a new manufacturing and distribution facility in St. Peters is another testament to Missouri’s strong business climate, skilled workforce, and central location,” said Governor Mike Kehoe. “We’re proud to welcome King Technology and look forward to seeing this family-owned company grow, create jobs, and succeed in the Show-Me State for generations to come.”

The 208,000-square-foot facility – located in the Lakeside Logistics Center in St. Peters – will enable King Technology to provide efficient world-class service to hundreds of distributors and dealers across the United States.

“Our new facility in St. Charles County is a milestone for our company’s long-term growth strategy,” said Michael Noer, President and CEO of King Technology. “The region’s commitment to growing businesses and its strong sense of faith, family, and community reflect the same values behind King Technology’s purpose to ‘Enrich Lives Daily.’”

King Technology is best known by thousands of hot tub and swimming pool owners for its FROG family of pre-filled, easy-to-use recreational water care products with patented mineral technology that keeps water crystal clear for in-ground and above-ground pools, swim spas, and hot tubs, while using significantly less chlorine. King Technology also introduced its New Water brand of products this year for mass retail across the U.S.

A third-generation, family-owned company for nearly half a century, King Technology will maintain its headquarters in Minnetonka, Minnesota. “King Technology’s decision to choose St. Peters for their new distribution center reflects our region’s clear strengths and our commitment to bringing new employers and new jobs to our region,” said Ron Kitchens, Managing Partner of Greater St. Louis, Inc. “Greater St. Louis, Inc. was proud to support King Technology’s first-ever expansion, and we look forward to watching them grow and thrive in St. Peters.”

King Technology worked alongside Missouri state and local partners to determine and invest in its second location, including Ameren, the City of St. Peters, the Economic Development Council of St. Charles County, Greater St. Louis, Inc., Missouri Department of Economic Development, Missouri Partnership, and Spire.

A ribbon cutting and celebration was held on September 29, 2026, with participation by St. Peters, Missouri Mayor Len Pagano and Missouri Governor Michael Kehoe (pictured).

WHAT OTHERS ARE SAYING

“For nearly half a century, this third-generation, family-owned company has built a legacy of innovation, growth, and commitment to its customers,” said Michelle Hataway, Director of the Missouri Department of Economic Development. “We’re proud King Technology has chosen Missouri for this significant investment and look forward to supporting its continued success as it creates new opportunities for Missourians to prosper in the St. Louis region.”

“We’re so excited to be welcoming King Technology to our FasTrac family,” said St. Peters Mayor Len Pagano. “I’m so proud of our FasTrac economic development team, working with our partners at the local and State of Missouri level to help King Technology expand to our region. We look forward to working with King Technology and watching them grow into the future!”

“King Technology’s expansion into St. Peters reflects the continued strength of St. Charles County as a place where manufacturers can grow, invest, and thrive,” said Scott Drachnik, President & CEO of the Economic Development Council (EDC) of St. Charles County. “We are grateful for the trust they have shown in our community and look forward to their continued success.”

“King Technology’s investment in St. Peters reflects what companies continue to find across Missouri: a strategic location, strong infrastructure, and a business climate that supports long-term growth,” said Subash Alias, CEO of Missouri Partnership. “This project strengthens Missouri’s advanced manufacturing footprint, creates new opportunities for Missourians, and reinforces the state’s position as a premier destination for companies serving customers across the nation.”

ABOUT KING TECHNOLOGY
King Technology, Inc. is a third-generation, family-owned water care company founded in 1978 by Lloyd King and Joe King. Headquartered in Minnetonka, Minnesota, the company is a market leader in hot tub and swim spa water care and a leading innovator in pool water care. King Technology is best known for its FROG family of pre-filled, easy-to-use water care products, which use patented mineral technology to keep water clear while requiring significantly less chlorine. The company’s mission is to Enrich Lives Daily. For more information, visit kingtechnology.com.

Landmark Aquatic has partnered with AngelEye, a global provider of AI and algorithm-based drowning detection and prevention technology, to offer aquatic facilities an additional layer of water safety. AngelEye’s system uses underwater cameras and artificial intelligence software to continuously monitor pools and alert lifeguards and safety personnel in the event of a swimmer in distress, helping facility staff respond quickly when it matters most.

AngelEye’s system addresses a fundamental challenge in aquatic safety: a swimmer in difficulty can be hard to see, especially below the surface or in areas affected by glare, reflections, crowding or complex sightlines. By continuously analyzing video from above and below the water, the technology identifies potentially critical situations and sends trained staff a discreet alert with the swimmer’s image and precise location — giving lifeguards an additional set of eyes when every second matters. AngelEye is designed to support, not replace, qualified supervision: lifeguards remain fully responsible for surveillance, judgment and rescue, and continue to follow their facility’s normal scanning, rotation and emergency procedures.

To date, more than 300 swimming pools in 20 countries rely on the safety experience gained by AngelEyein more than 20 years on the market. Customers who have decided to raise their safety standards by implementing AngelEye include municipal pools, hotels, water parks, wellness centers, schools and community aquatic centers in the U.S. and internationally.

This partnership brings together Landmark’s expertise across aquatic facility design, construction, renovation and service — gained while supporting more than 500 aquatic facilities nationwide — with AngelEye’s drowning detection technology, developed and refined across hundreds of pools over more than 20 years. Together, the companies can help U.S. facilities evaluate the technology in the context of how their pools are designed, staffed and managed, giving operators a knowledgeable, local path from initial assessment to long-term use.

“AngelEye has proven to be an invaluable partner for Landmark in delivering drowning detection technology combining proprietary algorithms and AI. Throughout the design development phase, their team was highly collaborative and professional. During the critical shop drawing phase, they provided precise drawings with exceptional turnaround times, keeping our project management team on schedule,” explains Sam Blake, Director of Business Development at Landmark Aquatic. “Furthermore, their startup and staff training sessions were incredibly informative. We highly recommend AngelEye for their cutting-edge technology and outstanding project execution.”

“For AngelEye, this partnership turns reach into readiness,” said Andrea Marcato, CEO ofAngelEye. “Landmark’s team understands the full lifecycle of a commercial pool, and we bring more than twenty years of experience deploying drowning detection systems across hundreds of pools. Together, we can give lifeguards an additional set of eyes when every second matters, and give U.S. facilities a knowledgeable, local path from initial assessment to long-term use. This is not simply about making a product available — it’s about supporting responsible adoption at scale.”

About Landmark 

Since 1967, Landmark Aquatic has helped communities and organizations bring complex aquatic facilities to life and keep them performing. Today, we are the nation’s largest integrated commercial aquatics platform, providing design, construction, renovation, restoration, and maintenance services nationwide. Our construction-led expertise and long-term service capabilities give customers one trusted partner across every stage of a facility’s lifecycle. For the life of your pool. Learn more at www.landmarkaquatic.com

About AngelEye

AngelEye is a global provider of algorithm-based drowning detection and prevention technology. Founded in 2006, the company has more than 20 years of experience developing and deploying its system, which is installed at more than 300 pools across 20 countries. AngelEye’s technology continuously analyzes video from above and below the water to identify potentially critical situations and alert trained staff with the swimmer’s image and precise location — supporting, not replacing, qualified lifeguard supervision.

After months of mounting financial pressure and weeks of speculation over its future, Leslie’s Inc. has officially filed for Chapter 11 bankruptcy protection, beginning a court-supervised restructuring that is expected to eliminate approximately $685 million in debt and ultimately hand majority ownership of the company to its lenders.

The Phoenix-based pool and spa retailer filed voluntary Chapter 11 petitions Wednesday in the U.S. Bankruptcy Court for the Southern District of Texas. The filing was widely anticipated after Leslie’s disclosed substantial doubt about its ability to continue as a going concern in August and reports surfaced last week that the company was preparing for bankruptcy.

What happens from here, however, is important to understand.

Leslie’s is not shutting down.

This is a prearranged restructuring designed to dramatically reduce the company’s debt while allowing the underlying business to continue operating. More than 80% of Leslie’s existing lenders have already agreed to support the restructuring plan, giving the company a significant head start as it enters Chapter 11.

Under the Restructuring Support Agreement, Leslie’s expects to eliminate approximately $685 million — roughly 90% — of its outstanding funded debt. The company has also secured commitments for $90 million in new debtor-in-possession financing and another $60 million in equity financing. Leslie’s is separately seeking approval for a fully committed $225 million asset-based DIP facility from its existing ABL lenders.

In practical terms, Leslie’s is using Chapter 11 to perform a massive financial reset.

Leslie’s CEO: “Leslie’s Is Here to Stay”

Leslie’s CEO Jason McDonell characterized the restructuring as an opportunity to remove debt from the balance sheet and redirect resources back into the business.

“Today’s announcement marks an important milestone in our commitment to our customers and our business,” McDonell said. “With a stronger balance sheet and greater financial flexibility, Leslie’s can reinvest across the business to strengthen operating execution and deliver an even better experience for our customers, both in-store and online.”

McDonell added, “Leslie’s is here to stay, and I am deeply grateful to our employees, customers, and partners for their continued support as we work to position Leslie’s for a strong future.”

What Chapter 11 Means for Leslie’s

Chapter 11 is often interpreted by consumers as synonymous with a company going out of business. That is not what Leslie’s has announced. The company intends to continue operating throughout the bankruptcy process while restructuring its balance sheet, store footprint and ownership.

Most Leslie’s stores will remain open, its website will continue operating, employees are expected to continue receiving wages and benefits, and the company says gift cards and loyalty benefits will continue to be honored. Leslie’s has also asked the bankruptcy court for authority to continue honoring obligations to vendors in the ordinary course.

There will, however, be a smaller Leslie’s on the other side.

The company announced another 76 store closures as part of the restructuring and said it will continue evaluating its real estate portfolio during Chapter 11. Leslie’s currently operates more than 900 locations nationwide.

What Happens to Leslie’s Now?

The easiest way to understand the transaction is to separate Leslie’s operating business from the financial structure sitting above it.

The problem Leslie’s is attempting to solve through Chapter 11 is not simply whether people still need chlorine, pumps, filters, chemicals and other pool supplies. Millions of swimming pools still require those products every year.

The larger problem has been carrying an enormous debt burden while trying to navigate declining sales, changing consumer behavior and a difficult post-pandemic pool market.

In its fiscal third quarter, Leslie’s reported sales of $458.5 million, down 8.4% from the prior-year period, while comparable sales declined 6.2%. For the first nine months of fiscal 2026, sales declined 7.3% to $790.4 million. Adjusted EBITDA for the third quarter fell to $55.7 million from $81.6 million a year earlier.

Chapter 11 gives Leslie’s an opportunity to address that debt problem directly.

Rather than lenders potentially recovering only a portion of what they are owed through a liquidation or prolonged financial deterioration, the restructuring converts their position into ownership of a substantially less leveraged company.

Upon emergence from bankruptcy, Leslie’s expects a group of its existing lenders to become the company’s majority owners.

That means Leslie’s will essentially emerge with a new capital structure, new majority ownership and approximately $685 million less funded debt hanging over the business.

That is a very different company financially.

The lenders taking control are not simply buying hundreds of pool stores in the traditional sense. They are effectively exchanging a significant portion of the debt they already hold for ownership of the underlying business.

For Leslie’s, removing that debt potentially frees up capital that otherwise would have been consumed servicing it. That money can instead be directed toward inventory, pricing, technology, e-commerce, store improvements and other operational priorities.

It does not, however, solve every problem facing the company.

Leslie’s still has to convince consumers to shop there.

The company still has to compete with independent pool retailers, service professionals, mass merchants and online sellers. It still has to determine the right number of physical stores to operate. And it still has to demonstrate that the underlying business can produce sustainable results once the debt problem has been substantially removed.

Bankruptcy can fix a balance sheet. It cannot, by itself, fix customer traffic, pricing strategy or execution.

That is where the next chapter of this story will ultimately be decided.

What Happens to Existing Shareholders?

Existing Leslie’s shareholders are in a much different position than Leslie’s customers, employees or vendors.

The restructuring agreement calls for lenders to become majority owners of the reorganized company. Exactly what existing shareholders ultimately receive will be determined through the Chapter 11 process and confirmed restructuring plan, but equity sits behind secured and unsecured creditors in bankruptcy priority.

Leslie’s entered Chapter 11 reporting approximately $722.2 million in assets and $1.21 billion in liabilities, according to bankruptcy filings reported by The Wall Street Journal.

That disparity helps explain why the restructuring is centered around creditors rather than preserving the company’s existing ownership structure.

For anyone watching Leslie’s stock, that distinction is critical: keeping Leslie’s stores operating does not mean preserving the value of Leslie’s existing publicly traded shares.

The business can survive while the existing capital structure does not.

Why the Bankruptcy Is Happening in Houston

Although Leslie’s is headquartered in Phoenix, the company filed its Chapter 11 cases in the Southern District of Texas. The case has been assigned to U.S. Bankruptcy Judge Alfredo Perez under Case No. 26-90795.

Houston has become a major venue for large corporate restructurings, with a bankruptcy bench and professional infrastructure accustomed to handling complicated Chapter 11 cases.

Leslie’s has retained Simpson Thacher & Bartlett and Haynes and Boone as legal advisers, BRG as financial and restructuring adviser, and Centerview Partners as investment banker.

What Pool Professionals Should Watch Next

For the pool and spa industry, the most immediate concern will be how aggressively Leslie’s reshapes its retail footprint.

The 76 announced closures may not necessarily represent the final number. Leslie’s specifically said it will continue evaluating its real estate portfolio during Chapter 11, giving the company an opportunity to reject leases and exit locations that no longer make economic sense.

That could create opportunities for independent pool retailers and service companies in markets where Leslie’s reduces its presence.

Vendors will also be watching closely. Leslie’s says it intends to continue paying vendors and operating normally during the proceedings, subject to court approval of its first-day motions. Maintaining supplier confidence will be important for a retailer whose business depends heavily on keeping stores stocked during the pool season.

The company is targeting an emergence from Chapter 11 in early 2027.

If that timetable holds, the Leslie’s that emerges will look considerably different financially from the company entering bankruptcy today.

The familiar orange-and-blue stores are not disappearing. Leslie’s is not being liquidated, and the company is making it clear that it intends to remain one of the largest players in the pool and spa aftermarket.

What is disappearing is much of the debt structure that became increasingly difficult for the company to carry.

The bankruptcy process will now determine exactly how that restructuring is implemented, which stores survive the continuing portfolio review, how creditors are treated and what ultimately happens to existing shareholders.

For the pool industry, the more important question is no longer whether Leslie’s will file for bankruptcy.

It has.

The question now is what Leslie’s looks like when it comes out the other side.