Pamplona Capital Management has acquired a controlling interest in Latham Pool Products from Wynnchurch Capital, which will remain a significant investor in the company. This transaction values Latham Pool at $375 million.
Pamplona’s investment in Latham will be made from its $3.2 billion fifth private equity fund, Pamplona Capital Partners V LP, which closed in 2017. Wynnchurch acquired Latham in August 2015 from Littlejohn & Co. which in turn had acquired the business in 2010 following a Chapter 11 restructuring.
Latham manufactures in-ground and above-ground vinyl liners, polymer and steel pool wall systems, fiberglass pools, steps, ladders, pool safety covers, automatic pool covers and a variety of other pool related accessories. The company has over 20 manufacturing facilities and distribution centers across the US and Canada. Latham, led by CEO Scott Rajeski, was founded in 1956 and is headquartered north of Albany in Latham, NY (www.lathampool.com).
“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.
“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,” said Russell Gehrett, a partner at Pamplona. “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 makes direct private equity, fund of hedge funds, and single manager hedge fund investments. The firm manages over $12 billion in assets across a number of funds for a variety of clients including public pension funds, international wealth managers, multinational corporations, family offices, and funds of hedge funds. Pamplona was founded in 2005 and is based in London and New York (www.pamplonafunds.com).
“We are very pleased with the extraordinary progress that Latham has made and believe the business, under Scott Rajeski’s leadership, is poised for future growth,” said Chris O’Brien, a managing partner at Wynnchurch. “Pamplona brings global resources and significant experience supporting growth businesses, which will help continue Latham’s development as the leader in the pool industry.”
Wynnchurch makes investments in middle-market companies that have revenues of $50 million to $1 billion. Sectors of interest include aerospace & defense, automotive, building products, chemicals, food, logistics, energy services & equipment, environmental services, industrial products & services, metals & mining, and paper & packaging. The firm was founded in 1999 and is located in the Chicago suburb of Rosemont with additional offices in Los Angeles (El Segundo), and Toronto (www.wynnchurch.com).
William Blair and Moelis were the financial advisors to Wynnchurch and Latham Pool Products on this transaction.
© 2018 Private Equity Professional | December 19, 2018