Leslie's, a leading US provider of pool supplies and services with over 930 retail locations, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $600 million.
Leslie's is the largest direct-to-consumer brand in the US pool and spa care industry, serving residential, professional, and commercial consumers. Leslie's physical network is larger than the sum of its twenty largest competitors, and its digital market share is estimated to be over five times larger than that of its largest digital competitor.
The Phoenix, AZ-based company was founded in 1963 and booked $1.0 billion in sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol LESL. Leslie's filed confidentially on August 27, 2020. Goldman Sachs, Morgan Stanley and BofA Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
