Hayward Holdings, a leading provider of pool equipment and systems, 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 $500 million.
Hayward states that it is an industry-leading global designer, manufacturer, and marketer of a broad portfolio of pool equipment and associated automation systems, supported by a large installed base and an estimated North American residential pool market share of approximately 30%. The company serves both pool professionals, such as retailers and builders, as well as pool owners.
The Berkeley Heights, NJ-based company was founded in 1925 and booked $875 million in sales for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol HAYW. Hayward Holdings filed confidentially on December 14, 2020. BofA Securities, Goldman Sachs, Nomura Securities, Credit Suisse, Morgan Stanley, Baird, Guggenheim Securities and Jefferies are the joint bookrunners on the deal. No pricing terms were disclosed.
