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Pentair Acquires Pleatco for $255M in Cash

Align Capital Partners announced the sale of Pleatco Filtration to Pentair Plc in a $255M cash deal.

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Pentair Acquires Pleatco for $225M in cash

Pentair plc (NYSE: PNR), a leading provider of water treatment and sustainable solutions, today announced that it has entered into a definitive agreement to acquire Pleatco, a manufacturer of water filtration and clean air technologies for pool, spa and industrial air customers. Pleatco is a current portfolio company of Align Capital Partners, a private equity firm with investment teams in Dallas, TX and Cleveland, OH.

The planned acquisition of Pleatco provides Pentair an expanded range of replacement filter products to be sold through Pentair’s existing Pool and Spa distribution channels as well as through Pleatco’s distribution channels.

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“We are excited to expand our presence in the aftermarket filtration space with an enhanced product offering that advances our objective to offer an effortless pool experience for consumers,” said John Stauch, Pentair President and CEO.

The planned acquisition also expands Pentair’s Industrial Filtration portfolio, with complementary air filtration products to serve the needs of its industrial customers.

“We look forward to welcoming the Pleatco employees to Pentair and to growing the relationship with Pleatco’s existing customer base,” continued Stauch. “The planned combination will provide Pleatco entry to Pentair’s global distribution and sales channels, and deliver increased production capacity and utilization, as well as build on Pleatco’s track record of product innovation.”

Total consideration for the transaction is approximately $255 million in cash, subject to customary adjustments. Pentair expects Pleatco to generate approximately $95 million of annual revenue in 2021. The transaction is expected to be accretive in its first full year.

The acquisition is anticipated to be completed in the fourth quarter, subject to customary closing conditions and necessary regulatory approvals, including expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

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ABOUT PENTAIR PLC

Pentair makes the most of life’s essential resources. From our residential and business solutions that help people move, improve and enjoy their water, to our sustainable innovations and applications, we deliver smart, sustainable solutions for life.

Pentair had revenue in 2020 of $3 billion, and trades under the ticker symbol PNR. With approximately 9,750 global employees serving customers in more than 150 countries, we work to help improve lives and the environment around the world. To learn more, visit pentair.com.

ABOUT PLEATCO FILTRATION

Pleatco is a leading designer and manufacturer of aftermarket pleated filter cartridges, pleated bags, and other filtration products for the industrial air and pool / spa markets across USA and Europe. Pleatco Filtration brings together the combined forces of former brands APEL, Milton, and TVS and incorporates stand-alone brands Guardian Filtration, EFI and ECO Filtration under the one umbrella, leveraging collective engineering, manufacturing, and logistics resources to deliver best-in-class products backed by industry leading sales, marketing, and customer service teams. For more information, visit pleatco.com.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements made about the anticipated acquisition, including the anticipated time for completing the transaction, the expected financial results of the acquired business and the anticipated benefits of the acquisition, are forward-looking statements subject to risks and uncertainties, such as the company’s ability to satisfy closing conditions, integrate the acquisition successfully, and retain customers and employees of the acquired business; the impact, duration and severity of the COVID-19 pandemic, virus variants and vaccination rates, including actions that may be taken by us, other businesses and governments to address or otherwise mitigate the impact of the COVID-19 pandemic and the negative impacts of the COVID-19 pandemic on the global economy; overall global economic and business conditions; supply, demand, logistics, competition and pricing pressures related to and in markets we serve; failure of markets to accept new product introductions and enhancements; the impact of raw material costs, labor costs and other inflation; the impact of seasonality of sales and weather conditions; our ability to comply with laws and regulations and the impact of changes in laws, regulations and administrative policy, as well as other risk factors contained in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020. All forward-looking statements speak only as of the date of this release. Pentair plc assumes no obligation, and disclaims any obligation, to update the information contained in this release.

Contacts

Jim Lucas
Senior Vice President, Treasurer, FP&A and Investor Relations
Tel: 763-656-5575
Email: jim.lucas@pentair.com

Rebecca Osborn
Senior Manager, External Communications
Tel: 763-656-5589
Email: rebecca.osborn@pentair.com

5/5 - (7 votes)

Marianne Trusty is a Press Correspondent for the pool & spa industry. A published author and social media influencer reaching over 20 million people around the world each day. Contact Marianne about publishing op-editorials, breaking pool news and press releases at mtrusty@poolmagazine.com.

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Tesla Pool – Automaker Adds Swimming Pool To Charger Station

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Tesla Swimming Pool

One of the primary reasons consumers opt to purchase a Tesla is the robust availability of convenient charging stations. Recently, the automaker has experimented with adding amenities to its charging stations. New cube lounges at a Supercharger station in Germany come equipped with automated coffee, food, and more. Tesla is also adding other options and fun activities for drivers to enjoy while they wait for their vehicles to charge. The newest amenity they’re currently experimenting with is an above ground swimming pool.

A clip of the pool being installed prior to launch was shared with news sources.

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The swimming pool can be used by up to 4 people at a time for 10 minutes, giving folks just enough time to change into their swim suits and enjoy a quick dip while their vehicle charges. There are even Tesla-branded beach balls to play with while they’re swimming in the shipping container style above ground pool.

This promotional popup will open at the Tesla charging station in Hilden, Germany; which incidentally is one of the largest in the country with 40 chargers and 8 superchargers. The pool will be open from Thursday until Sunday. Tesla owners can drop in for a swim from 2:00 p.m. until 7:00 p.m.

What do you think about this idea? Is this something you’d like to see in the United States? Sound off in the comments and let us know.

3/5 - (2 votes)

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Pool Rental App Swimply Is The New Side Hustle For Homeowners

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Pool Rental App Swimply Is The New Side Hustle For Homeowners

Pool rental marketplace Swimply has created the ultimate side hustle for homeowners. Spending upwards of $100,000 to create the ultimate luxury outdoor living area is an investment some are willing to make. This is especially true if one can be confident they will recoup that investment quickly. Renting the pool to friends and neighbors is one smart way to do just that.

The Pool Rental Concept

Pool rentals are sweeping the nation and the innovative online marketplace Swimply is leading the charge. Described as “Airbnb of swimming pools,” Swimply debuted last year. According to the firm, there are over 20,000 swimming pools in all 50 states, as well as in Canada and Australia.

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After recently raising $40M in funding from AirBnB and Lime co-founders last year, Swimply is poised for tremendous growth moving into 2023. The service has been rapidly gaining traction with consumers who are attracted by the ability to rent a swimming pool by the hour.

Renting a pool by the hour may can be very profitable. Swimply has created the marketplace for renting a pool.
Renting a pool by the hour may can be very profitable. Swimply has created the marketplace for renting a pool.

Swimply’s Business Model is Unique

In the sharing economy, Swimply, definitely deserves recognition for their offering. Providing a marketplace that allows buyers and sellers to connect and rent a pool is at the core of the company’s business plan. The model is simple, Swimply takes 15% of the booking fee from hosts and 10% from guests.

Swimply’s pool rental marketplace can be lucrative for hosts and may not be as weird as it sounds. As water recreational facilities were shut down by COVID in the last two years, Swimply has emerged to fill the vacuum. Consequently, the company has grown exponentially.

We spoke with Swimply Co-Founder and COO Asher Weinberger last year about the revolutionary new technology which is connecting homeowners with an open marketplace of consumers looking to rent a backyard for a few hours.

Listen to our conversation on the Pool Magazine podcast:

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Pool Rental Marketplace Grew 5,000% During Covid

After a soft launch back in 2019, Weinberger quickly realized that the public was elated with their offering. “There was a tremendous amount of interest and at the time we could only meet 10 to 15% of the demand,” said Weinberger. “That helped set the stage for us because we learned a lot about what people wanted and how they were using the platform.”

“We caught huge tailwinds in light of Covid and grew roughly 5,000% year over year,” said Weinberger. Since then, Swimply’s marketplace has exploded with consumers searching for a safe recreational experience with friends and loved ones in an open outdoor setting. This has been true both on the guest side and the host side.

Homeowners Look To Monetize Their Pool

It appears that word has definitely begun to spread that renting your pool is a sweet new side hustle. One man in particular recently made the news after he reportedly netted $177,000 just by renting out his pool and backyard.

Jim Battan of West Linn, Oregon, told news sources, “I love to say that the pool has paid for itself and more. I built a man cave last year, and also credit that to my Swimply pool.”

Swimply As a Side Hustle

Being a Swimply host isn’t for everyone, according to Battan. The side hustle does require a fair amount of work on the part of the host. Maintaining the pool between guests involves much more than simply setting out fresh towels. His 26-foot by 18-foot pool and its accompanying pool house has cost him roughly $37,000 in maintenance over the last decade. On a typical week, Battan estimates that he and his wife Lisa spend approximately 12 to 14 hours cleaning and testing the water’s chemicals as well as managing all of their bookings.

“I love the income, but I generally caution people from it,” Battan told reporters. “Unless you’re retired or don’t have a day job, it takes a lot of time to learn about pool chemistry and management. It’s not good enough to just rely on a once-a-week service to come out look at your stuff. I look at my pool chemicals probably five to 10 times a day.”

Renting Your Pool By The Hour Can Be Profitable

It’s also important to note that Battan’s pool represents the best-case scenario. Currently, he’s Swimply’s top earner out of 25,000 pools in the U.S., Canada, and Australia. The average host earnings are between $10,000 to $20,000 per year.

Ned Gilardino is another top earner from Aurora, Colorado who is cashing in on the lucrative side hustle. Last year he rented his pool out roughly 500 times clearing close to $50,000 in the process.

“Not only has the extra money paid for the cost of maintaining the pool,” Gilardino told news sources, “it has actually brought in an entire new revenue stream for my family.”

Pool rentals vary by price and can be filtered to meet price, features, and amenities. - Photo Credit: Swimply
Pool rentals vary by price and can be filtered to meet price, features, and amenities. – Photo Credits: Swimply

Homeowners who are looking for MSI’s (multiple sources of income) can certainly put Swimply on their list of resources. Typically most swimming pools on the platform rent between $15 and $75 an hour. However, there appears to be no limit on how much hosts can earn. We’ve seen some pools in premium areas such as Beverly Hills rent for as much as $200 an hour. Those with luxury amenities in their backyard obviously can charge towards the higher end of the spectrum.

Guests can search for an ideal backyard in their price range to throw a pool party and even filter their search to show properties that have specific amenities. Finding a backyard with a fire pit, or an outdoor grilling area, or one that allows pets, is easy. Swimply made it simple to narrow down selections with the ideal features consumers are looking for.

The interface is simple and intuitive to use on both ends. Swimply also made it super easy for homeowners to track their reservations, communicate with guests and quickly get their pool rental up in their easy-to-use marketplace.

Swimply’s Contribution To The Shared Economy

Given that public pools are closing at an alarming rate, Swimply has also started filling a gap in underserved communities, much the way Uber and other sharing economy platforms have.

While the shared economy is a young concept itself; Swimply’s arrival simply ushers something we will undoubtedly see even more of in years to come. Though unexpected and a newcomer; one thing is certain, homeowners and consumers have embraced the concept of renting a pool by the hour.

4.6/5 - (17 votes)

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Sinkhole in Swimming Pool Kills Man, Swallows Guests

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Sinkhole in Swimming Pool Kills Man, Swallows Guests

A man was found dead after being swallowed by a sinkhole that opened up in a private swimming pool. The incident transpired in Israel where authorities are still trying to figure out what caused two men to be swept away by the receding water after a sinkhole sprang up within an inground swimming pool at a private property in central Israel. One was recovered dead at the scene on Thursday afternoon.

The body was located by search crews in the town of Karmei Yosef after a four-hour recovery operation conducted by rescue personnel who were lowered deep underground. The search was hampered by concerns that tunnels extending from the sinkhole could lead to a second collapse.

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It took rescuers several hours of searching before they were able to uncover the body of the man who had gone missing. The other 34-year-old man who had been trapped for some time, was saved and treated for minor injuries to his lower body.

Rescuers worked for hours to find the missing victims body. - Photo Credits: Fire and Rescue Services
Rescuers worked for hours to find the missing victims body. – Photo Credits: Fire and Rescue Services

Employees of a private company were having a pool party when the incident occurred. About 50 people were present at the time of the accident, according to one guest.

“The water level suddenly started receding and a hole opened up, creating a vortex that swept two people inside,” the guest told news sources.

She said a sinkhole opened a vortex formed which swallowed up the victim in a matter of seconds. She yelled at her coworkers to get out of the pool as the sinkhole emerged, but they initially assumed it was a game. Authorities say, fortunately, there were only 6 people in the pool at the time or injuries and casualties could have been far greater.

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“Seconds later, the ground just dropped… I watched two people just disappear,” she added.

According to police, an investigtion into the incident is currently underway, and they plan to find out if the pool was operating with the proper license.

4/5 - (8 votes)

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