NEW YORK (Reuters) – Swimming-pool supplies company Leslie’s Poolmart Inc is being marketed for sale and a number of private equity firms are considering buying it, two sources familiar with the situation said on Tuesday.
Los Angeles-based private equity firm Leonard Green & Partners is a majority owner of Leslie’s, according to a Moody’s Investors report on its debt last year.
Leonard Green, which also has investments in a number of retailers, was not available for comment.
One of the sources said the swimming pool firm could be worth less than $1 billion. Private equity firms have been increasingly buying assets from each other — known in the industry as ‘secondary sales’. That trend has been driven by a number of factors.
Some funds are nearing the end of their investment period and are under pressure to spend cash, while some observers have said that the threat that taxes on profits may rise has also been an encouragement for some deals.
The Wall Street Journal, quoting people familiar with the matter, first reported the potential sale, saying it was worth more than $1 billion.Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.