O2 Investment Partners has formed a new pool services platform and has closed on its first five acquisitions.
The working name for O2’s new platform is Total Pool Care Network (TPCN). However, it will be branded under a new name within the next few months.
TPCN’s five newly acquired companies are New Jersey-based The Aqua Doctor and Gorlin Pools and Spas, and New York-based Chaikin Ultimate Pools, Cool Pool & Spa, and Rainbow Pools.
According to O2, these first five operating businesses provide a comprehensive suite of services, including pool maintenance and repair, pool and equipment upgrades and renovations, and pool design and building.
“Each member of this group has been individually successful over the past many decades, but together we had a vision that if we could combine forces, the whole would be greater than the sum of our parts,” said Kyle Chaikin, the co-president of Chaikin Ultimate Pools. “O2 was the perfect partner because they embraced our vision, and their investment will provide access to shared resources, technology, and operational excellence that will take us to new heights.”
TPCN is led by CEO John Tisera and the owners and operators of the five companies have an equity ownership interest in the new platform.
“We are thrilled to partner with this group of highly skilled operators with industry-leading reputations,” said William Laffrey, a senior associate at O2. “We believe there are significant tailwinds driving growth for pool care, and we are fortunate to have found such strong operators and look forward to building an industry leader together.”
The formation of TPCN is the fifth platform investment for O2’s most recent fund, O2 Investment Partners Fund IV LP, which held a final closed in April 2023 with $445 million in capital commitments.
O2 makes control investments in companies with EBITDA of more than $5 million located anywhere in the United States and Canada but with a preference for the Midwest and the Great Lakes regions. The firm’s typical transaction size is $15 million to $50 million. Industries of interest include B2B services, technology, and select industrial companies. O2 was founded in 2010 and is headquartered in the Detroit suburb of Bloomfield Hills, Michigan.
The formation of TPCN and the acquisition of the five pool services companies was supported by debt financing from Miami-headquartered PennantPark Investment Advisors.
© 2024 Private Equity Professional | July 12, 2024
