Fluidra, a Spanish based global leader in connected solutions and pool & wellness equipment has recently announced it has acquired S.R. Smith, a U.S.-based manufacturer of commercial and residential pool decking equipment and accessories from Champlain Capital.
Founded in 1932, S.R. Smith is a global manufacturer specializing in a range of pool products ranging from starting blocks, rails, ladders, slides, diving boards, ADA-compliant lifts, swim wall systems, thermal cover systems, and in-pool furniture.
Currently headquartered in Canby, Ore., S.R. Smith operates manufacturing facilities from multiple locations in the United States and Australia. Their products are supported by distributors around the world, with focus in the United States, Australia, Canada and Europe. With the addition of S.R. Smith, Fluidra will further expand its existing operational network, increasing the company’s overall product delivery capability.
The acquisition is valued at $240 million and was fully settled at closing with existing cash and debt facilities. The transaction is expected to be accretive to Fluidra’s cash EPS from day one. Fluidra is raising its 2021 guidance based on the expected positive contribution from the S.R. Smith acquisition as follows:
- Sales growth will increase from 35-40% to 37-42%
- EBITDA margin will stay between 25% to 25.5%
- Cash EPS growth will increase from 80-90% to 83-93%
“Our ultimate goal is to be the best partner in the industry for our customers. In the past year, we’ve doubled down on our commitment to grow in different market segments and product categories and have made strategic acquisitions in North America of Built Right Pool Heaters LLC’s business and Custom Molded Products LLC to bring us closer to that goal,” says Bruce Brooks, Chief Executive Officer of Fluidra.
Further commenting Bruce explains: “This latest acquisition of S.R. Smith doesn’t just move us one step closer, it propels us. S.R. Smith is an exceptional company with a talented team and stellar reputation. Their specialized expertise and comprehensive portfolio of products will accelerate our future growth in the commercial and residential pool segments and will ultimately allow us to better serve our customers in North America and around the world.”
“We are excited to join the Fluidra family,” says Rich Laitta, Chief Executive Officer of S.R. Smith. “With their strong dedication to meeting customer needs, focus on innovative solutions and services, and global market expertise, we believe this move will facilitate the next evolution of growth for S.R. Smith.”
Following the acquisition, S.R. Smith will continue to operate independently from its Oregon headquarters.