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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.

“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.

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

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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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Claffey Pools Acquired by Riverbend Sandler Pools

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Claffey Pools Acquired by Riverbend Sandler Pools

The pool industry has seen a spate of recent acquisition announcements. The latest, being the recent acquisition of Claffey pools by Riverbend Sandler Pools. Backed by Chicago-based Concentric Equity Partners, they are continuing efforts to consolidate the swimming pool construction and maintenance industry in the Dallas-Fort Worth market.

The acquisition agreement was signed on December 31, 2021 but only made public on Thursday. Full details about the exact terms of the deal were not disclosed.

This marks the third major pool builder purchased by the holding company, after acquiring Pulliam Pools back in November. The acquisition of the Fort Worth-based firm made it one of the nation’s largest pool construction companies.

This recent acquisition of Claffey Pools which is ranked within the nations top pool construction companies with about $32 million in reported residential construction revenue in 2020. A builder of high-end inground swimming pools, Claffey’s average pool project costs around $142,000.

Riverbend Sandler intends to make considerable advancements by acquiring existing service and maintenance companies, in addition to focusing on construction. Consequently, they hope to become a key service provider in the state’s pool service and maintenance sector.

This in itself appears to be a key decision point for the Claffeys who are looking to expand their pool service and maintenance divisions. Last year’s Texas Pool freeze caused unprecedented amounts of damage across the Lone Star state and saw Claffey perform over 1,000 repairs as a result.

In regards to any restructuring of the organization, the Claffeys, along with their 95 employees, will remain with the company. Riverbend Sandler has announced its intentions to continue its expansion. It will continue to concentrate on Texas, for the time being, looking seriously to expand into the Austin, Houston, and San Antonio markets after having established the predominant marketshare in the Dallas area.

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GENESIS Announces Newest Platinum Sponsor: Pool Magazine

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GENESIS Platinum Sponsor - Pool Magazine

(Alexandria, Va.) – GENESIS is pleased to announce its newest Platinum Sponsor, Pool Magazine. The GENESIS sponsorship program showcases companies that are dedicated to the highest standards of best practices, quality, and ethics in the pool and spa industry.

“We look forward to collaborating with PHTA and expanding our relationship as a Platinum Sponsor,” says Joe Trusty, CEO & Editor-in-Chief. “We are excited for this next chapter and look forward to making a positive impact on the industry.”

As a Platinum Sponsor, Pool Magazine will have the opportunity to maximize its brand visibility, connect with thousands of engaged industry professionals, and unlock valuable opportunities.

“We are delighted to add Pool Magazine to our distinguished list of Platinum Sponsors,” says Janay Rickwalder, Vice President of Communications and Public Relations of PHTA. “Pool Magazine has everything we look for in a partner: quality services that can benefit our members, an understanding of the importance of continuing education, and a finger on the pulse of industry trends. I am excited for this collaboration and to working together in 2022.”

For more information, please contact Janay Rickwalder, PHTA’s Vice President of Communications and Public Relations, at jrickwalder@phta.org or 703.357.3918.

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About the Pool & Hot Tub Alliance 

The Pool & Hot Tub Alliance (PHTA), a non-profit organization with nearly 3,500 members from around the world, was established in 1956 to support, promote, and protect the common interests of the $36.5B pool, hot tub and spa industry. PHTA provides education, advocacy, standards development, research, and market growth to increase our members’ professionalism, knowledge and profitability. Additionally, PHTA facilitates the expansion of swimming, water safety and related research and outreach activities aimed at introducing more people to swimming, making swimming environments safer and keeping pools open to serve communities. For more information, visit www.phta.org

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Pool Contractors Gift New Pool To Grandma After Disaster

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Pool Contractors Gift New Pool to 80 Year Old Grandmother in Indianapolis

A group of pool contractors are the answer to one homeowners prayers. For years, Kitty Smitth, an 80-year old resident of Indianapolis, had dreamed of having an inground swimming pool for her 29 grandchildren and great-grandchildren to enjoy. Smith had just recently used her life savings to purchase a home and property in South Indianapolis that she was hoping would allow her to finally realize those dreams.

Smith acknowledges that the home she purchased needed a lot of work inside, but held out hope of enjoying the backyard with her family. For Smith and her grandchildren, the backyard pool meant a safe haven from the dangers of the pandemic that was sweeping across the country last summer.

“They were here, swimming and playing. I can’t tell you how great that was. This has just been my dream my whole life,” she told reporters.

Smith’s pool collapsed after a snowstorm this February. Photo Credit: WTHR

Future summer dreams would be put to an end this February when a winter storm caused her pool to collapse into a heap of disintegrating concrete and collapsed fiberglass walls. Smith was horrified to find that her backyard pool had collapsed in on itself in the night. “My whole body just started going numb and shaking. I couldn’t believe what I was seeing,” she told reporters.

An engineering report was conducted to determine the cause of the failure. Analysis determined that a leak may have contributed to its collapse. A new pool cover, which had just been installed, combined with the inadequate water level in the pool may have contributed to adding stress on the walls of the pool.

To add insult to injury, Smith quickly found out that her homeowners insurance would not cover the damage. Despite being a customer of the same company for over 40 years and having a policy that includes the replacement cost of an inground pool, her insurance company refused to pay a cent. They claimed her policy excluded any leak in the structure of the pool.

Smith was faced with an impossible problem. The cost of installing a new inground pool would be at least $60,000 plus an additional $20,000 for hauling away the debris from the old pool that had collapsed. “I just put everything into my house”, Smith told reporters, indicating that she didn’t have the financial resources to rebuild the pool. She stated that she felt like her insurance company had left her high and dry.

Smith contacted investigative reporters and discussed her problem with them. The reporters shared her story with some folks they knew in the pool industry that could help lend a hand. Ultimately, eight separate Indiana companies came together headed up under Automatic Pool Covers owner, Michael Shebek. Shebek pooled his resources and network to help put together a team that will help rebuild Smith’s backyard.

What is truly incredible about this story is that although some of the companies on this list are competitors, they are all united in the single goal to help one local resident recover the usage of her pool.

Shortly before the Thanksgiving holiday, Smith was greeted with the surprise of a lifetime. The contractors who have agreed to rebuild her pool at zero cost, showed up at her house along with the 13news team to break the good news. Overwhelmed with emotion, Smith hugged them all and said “I don’t know your names but I know your hearts,” telling the contractors, “I love you.”

A team of local pool contractors has vowed to help Smith rebuild her pool. Photo Credit: WTHR

Smith will hopefully have a new pool to enjoy with her grandchildren this summer. The contractors have all assured her that the unsightly mess in her backyard will be removed and a new pool installed. The entire cost of the project is estimated to cost approximately $90,000.

“Just no words. There aren’t words big enough to thank everyone,” Smith said. “I’m just so thankful.”

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