PoolCorp acquires Pinch A Penny
PoolCorp Acquires Pinch A Penny This November, Pool Corporation announced that it had acquired Porpoise Pool & Patio Inc. and its main operating subsidiaries: Pinch A Penny, Inc. and Sun Wholesale Supply, Inc.
Pinch A Penny is the largest franchisor of pool and outdoor living-related specialty retail stores in the United States with approximately 260 independently owned and operated franchised stores in Florida, Texas, Louisiana, Alabama, and Georgia and brings substantial opportunities for expansion.
Sun Wholesale Supply, Inc. is a wholesale distributor of swimming pool and outdoor-living products, including a
specialty chemical packaging operation, which sells primarily to Pinch A Penny franchisees.
According to Peter D.Arvan, PoolCorp President and CEO, the addition of the Pinch A Penny franchise network to PoolCorp’s North American distribution business will bring substantial growth and operating synergies for both existing independent retail customers and independent franchisees.
“We are excited about combining our industry-leading distribution capabilities with Porpoise Pool & Patio’s wellestablished customer base, world-class chemical packaging operation, history of operational excellence, and strong
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growth-oriented Pinch A Penny brand,” Arvin said. “Since its founding over 45 years ago, Pinch A Penny has steadily grown and developed into a leading franchisor of swimming pool specialty retail stores and one of the highest-rated U.S. retail store franchise networks.”
John Thomas, CEO of Porpoise Pool & Patio, said that joining with PoolCorp represents an extraordinary opportunity to ensure the continuation and future expansion of Pinch A Penny.
“Pinch A Penny was founded by my father, Fred Thomas, on the premise of providing value, quality, and service to our customers, offering everything needed to operate and enjoy a swimming pool or spa,” Thomas said.
PoolCorp expects the net revenue growth contribution to be similar to that realized from other recently completed acquisitions.
According to The Tampa Bay Business Journal, Pinch A Penny had $387.3 million in revenue in 2020 and 2,775 employees.
PoolCorp plans to use borrowings available from its newly expanded revolving credit facility and cash on hand to fund the acquisition.
The parties anticipate completing the transaction by Dec. 31, 2021, subject to the satisfaction of regulatory and other customary closing conditions.