Initial Public Offering

Consumer
Initial Public Offering

Summary

Baird served as co-manager on this offering

About

Leslie’s Inc. (“Leslie’s” or the “Company”) (NASDAQ: LESL), a portfolio company of L Catterton, recently completed an initial public offering of 46,000,000 common shares at a price of $17.00 per share. The offering generated gross proceeds of $782.0 million, including $510.0 million for the Company and $272.0 million for the selling shareholders. This is inclusive of the underwriters exercised option to purchase up to 6,000,000 common shares. Leslie's intends to use the net proceeds of this offering to repay in full the entire outstanding amount of its senior unsecured floating rate notes due 2024, which was $390 million as of June 27, 2020, and to the extent of any remaining proceeds, for working capital and general corporate purposes, which may include the repayment of a portion of its borrowings under its term loan credit agreement.

Founded in 1963, Leslie's is the largest direct-to-consumer brand in the United States pool and spa care industry, serving residential, professional, and commercial consumers. Leslie's markets its products through more than 900 physical locations and multiple digital platforms. The Company employs more than 5,000 associates, pool and spa care experts, and experienced service technicians who are passionate about empowering consumers with the knowledge, products, and solutions necessary to confidently maintain and enjoy their pools and spas.

With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton's team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH, and Groupe Arnault.
CONTACT US TO LEARN MORE
Consumer
Initial Public Offering
Date
November 2020
Company
Leslie’s Inc.
Transaction
M&A
Sectors
Consumer
Target Location
North America
Acquiror Location
North America

Share