that in an industry that has traditionally marketed on a business-to-business basis (pool manufacturer to dealer), they pioneered the first “direct-tohomeowner” digital and social marketing strategy that transformed the homeowner’s purchase journey.
“Through this marketing strategy, we are able to create demand for our pools and generate and provide high quality, purchase-ready consumer leads to our dealer partners,” Latham said.
Furthermore, in 2020, the first year in which all elements of their digital and social marketing strategy were available to homeowners, they delivered over 45,000 consumer leads to their dealer network, representing growth of 210% over the prior year.
With coast-to-coast operations platform consisting of over 2,000 employees across 32 facilities, the broad geographic reach of their manufacturing and distribution network allows them to deliver a fiberglass pool in a costeffective manner to approximately 95% of the U.S. population in two days.
In 2020 the company finished its 11th straight year of net sales growth, fueled by a dozen acquisitions over two decades that expanded its range of pools, steps, covers, and liners. Latham’s controlling company, Pamploma Capital Management obtained its most recent acquisition in October 2020 with GLI Pool Products, in Youngstown, Ohio. GLI is known as a service leader in shipping custom inground swimming pool liners and safety covers.
Latham’s international presence is also large, accounting for 19 percent of their net sales, with distribution in Australia, Canada, and New Zealand. Part of this was generated by a key acquisition. In 2019, they acquired Narellan Group Pty Limited (“Narellan”), the largest fiberglass manufacturer in Australia, where the product category represents approximately 70% of the overall pool industry.
They speculate that much of their growth comes from increasing consumer interest in fiberglass pools for their durability and shortened installation time – It takes two to three days to install a fiberglass pool as opposed three months for a concrete pool.
And in 2020, as homeowners showed greater interest in buying pools while staying home during the Covid-19 pandemic, Latham net sales jumped by 27% to $403 million and their net income more than doubled to $16 million.
Responding to this surge in demand, last year, the pool company hired as many as 300 new employees. Latham Pool Products’ chief executive Scott Rajeski told Albany Business Review he didn’t see business slowing down anytime soon.
Latham projects that the U.S. swimming pool market will grow from 90,000 installations last year to more than 100,000 this year.
At press time, the number of shares to be offered and the price range for the proposed offering have not yet been determined. Latham has applied to list its common stock on The Nasdaq Global Select Market under the ticker symbol “SWIM.”
Barclays Capital Inc., BofA Securities, Inc., Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC will be acting as representatives of the underwriters and book-running managers for the proposed offering.
The proposed offering will be made only by means of a prospectus which will be filed with the SEC and will be available on the SEC’s website at www. sec.gov. A copy of the preliminary prospectus, related to the offering may be obtained from: Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: barclaysprospectus@broadridge.com, tel: (888) 603-5847; BofA Securities, Inc., One Bryant Park, New York, NY 10036, Facsimile: (646) 855 3073, Attention: Syndicate Department, with a copy to: Facsimile: (212) 230-8730, Attention: ECM Legal; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor New York, NY 10014; or Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email. gs.com.
About Latham Group, Inc.
Latham, the Pool Company™, headquartered in Latham, NY, is the largest designer, manufacturer and marketer of in-ground residential swimming pools in North America, Australia and New Zealand. Learn more about Latham, the Pool Company at www.lathampool.com
