06 Apr Aqua-Leisure Acquires INYO Pool Products
FOR IMMEDIATE RELEASE
- INYO Pool Products is the second add-on acquisition for Aqua-Leisure under Blackford Capital ownership in under 15 months
- INYO Pool Products expand the Aqua-Leisure brand family to include market-leading, direct-to-consumer products for do-it-yourself pool repair and maintenance
- Less than four months after Aqua-Leisure acquired Airhead Sports Group, the addition of INYO Pools demonstrates Blackford Capital’s strategy to transform Aqua-Leisure into the dominant omni-channel market leader for aquatic recreational and maintenance products
AVON, MA, and LONGWOOD, FL, April 6, 2022 – Aqua-Leisure Recreation, LLC, (“Aqua-Leisure”) the premier market leader in the aquatics consumer product industry, announced today the acquisition of Longwood, Florida-based INYO Pool Products, LLC, (“INYO” or “INYO Pool”). INYO Pool is the leading direct-to-consumer brand of swimming pool supply, repair and maintenance products, offering best-in-class “How To” content and consumer engagement with over 21 million views annually on YouTube over the past decade and serving more than 100,000 pool owners annually.
The acquisition of INYO Pool significantly enhances Aqua-Leisure’s industry-leading aquatic recreational brands which include Airhead, Aqua, Dolfino, Sportsstuff, SwimSchool and Yukon Charlie’s to offer consumers an extensive line of pool maintenance and repair products, including INYO’s Pureline family of products, expanding the platform growth strategy by increasing omni-channel distribution and sales and new cross-selling opportunities.
“We welcome the INYO team to Aqua-Leisure and believe we will have significant synergies with the INYO family of brands,” said Steve Berenson, CEO, Aqua-Leisure. “By applying our significant global sourcing efficiencies to INYO, we expect an accelerated level of margins and value creation. Having just passed the first 100 days since we acquired Airhead, the #1 brand in the marine towable watersports and winter leisure products, we are pleased at how well the integration process has gone. We’ve seen tremendous success across our management, product, finance, sales, operations and sourcing teams and anticipate similar results with our consolidation of INYO into the Aqua Leisure family.”
The INYO acquisition is the second add-on acquisition for Aqua-Leisure since Blackford Capital acquired the company in January 2021 and comes just 4 months after Aqua-Leisure acquired Airhead Sports Group. Under Blackford’s ownership, Aqua-Leisure continues to execute a long-term growth strategy which is focused on delivering strong revenue and EBITDA in both e-commerce and traditional retail channels.
“The anticipated synergies from the recent acquisition of Airhead have quickly come to fruition for the combined Aqua-Airhead team, with enhanced scale, brand value and e-commerce offerings,” said Martin Stein, founder and Managing Director at Blackford Capital. “Now, with the addition of INYO Pool Products, Aqua-Leisure gains an expanded product portfolio, enhanced channel expansion capability, platform cross-selling opportunities and increased sourcing efficiencies.”
Effective with this acquisition, John Paroline will become President and General Manager for INYO Pool reporting to Leland Nichols, Aqua-Leisure’s Chief Operating Officer. INYO co-founder Patrick Paroline will continue with the company as the Director of Strategy and New Products focused on the continued expansion of the Pureline brand across additional product segments. All day-to-day operations at INYO Pool’s Longwood facility and the company’s commitment to its customers will remain unchanged.
“It has been a wonderful adventure to work alongside my brother Patrick and best friend for the past 15 years, building INYO into the preferred brand for do-it-yourself swimming pool repair and maintenance,” said Paroline. “As part of the Aqua-Leisure portfolio of brands I know we will continue to grow, reaching new customers through new channels while capitalizing on sourcing and distribution synergies that will allow us to continue providing our users with the knowledge, products and empowerment they need to get the most out of their swimming pools.”
Orchard MB served as exclusive financial advisor and Burr & Forman served as legal advisor to INYO. Varnum LLP served as legal advisor and Grant Thornton served as the financial and tax advisor to Blackford. Key Bank provided debt financing and Muzinich & Co. and Capital Dynamics provided debt and equity financing in support of the transaction.
Founded in 1970, Aqua-Leisure Recreation, LLC. is dedicated to designing, developing, manufacturing, and marketing high quality, performance-based aquatic products, and pool accessories under a variety of brand names and proprietary designs including Aqua Pro, Aqua, Aqua Fitness, Dolfino, SwimSchool, Airhead, Sportsstuff and Yukon Charlies. Aqua-Leisure’s brand pillars of quality, accessibility and adventure push its goal of providing top-tier products for athletes, water lovers, snow lovers, adventure seekers, children and more. For more information, visit aqualeisure.com.
About INYO Pool Products, LLC
Founded in 2001, INYO Pool Products, LLC was the brainchild of friends Patrick Paroline and Danny Rhodehamel. The inspiration for the company was hatched while the friends were backpacking in the Inyo National Forest in California. Grown for 21 years on a singular philosophy of delivering the knowledge and affordable products consumers need, when they need them, to properly care for their swimming pools, INYO Pool Products is the market leader in direct-to-consumer supply of products for do-it-yourself pool maintenance and repair. Pool products include a range of pumps, filters, heaters, lighting, motors, chemicals, salt systems, replacement parts, cleaners, covers, cartridges, values, and more.
About Blackford Capital
Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford Capital makes majority control investments in founder- and family-owned, lower middle-market manufacturing, industrial and distribution companies. Currently, Blackford Capital has twelve portfolio companies. Blackford and their team members have received a number of recognitions over the past several years, including M&A Adviser Private Equity Firm of the year, Corp. Magazine Small Company of the Year (Michigan), GR Chamber of Commerce Small Business of the Year (West Michigan), numerous recognitions on the Inc. 5000 fastest growing private companies list and M&A Adviser Private Equity Professional of the Year (Martin Stein). For more information, visit www.blackfordcapital.com.
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