Latham Group, a leading designer and manufacturer of in-ground residential swimming pools, announced terms for its IPO on Wednesday.
The Latham, NY-based company plans to raise $400 million by offering 20 million shares (46% synthetic secondary) at a price range of $19 to $21. At the midpoint of the proposed range, Latham Group would command a fully diluted market value of $2.4 billion.
Latham states that it is the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand, holding a #1 market position in North America in every product category in which it competes. The company portfolio of pools and related products includes in-ground swimming pools, pool liners, and pool covers.
Latham Group was founded in 1956 and booked $403 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol SWIM. Barclays, BofA Securities, Morgan Stanley and Goldman Sachs are the joint bookrunners on the deal. It is expected to price during the week of April 19, 2021.
