Covington-based Pool Corp. has acquired Porpoise Pool & Patio, Inc. of Florida.
Porpoise is the parent company of Pinch A Penny, Inc., the nation’s largest franchized provider of swimming pool and outdoor living products to specialty retail stores, and Sun Wholesale Supply, Inc., a wholesale distributor of swimming pool and outdoor living products and a specialty chemical packaging operation, primarily serving Pinch A Penny franchisees.
Founded in 1975, Pinch A Penny Pool Patio Spa has grown from one store to over 260 locations across the southeastern U.S. and Texas.
The acquisition includes both subsidiaries, a news release said. Pool Corp. expects the net revenue growth contribution to be similar to that realized from other recently completed acquisitions and plans to use borrowings available from its newly expanded revolving credit facility and cash on hand to fund the acquisition, it said.
“The addition of the Pinch A Penny franchise network to POOLCORP’s North American distribution business brings substantial growth and operating synergies for both existing independent retail customers and independent franchisees,” Pool Corp. president and CEO Peter Arvan said in the release.
The transaction is expected to close by the end of the year.
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