In an interesting but not surprising move, Phoenix based, Leslie’s Inc has officially filed it’s Form S-1 with the U.S. Securities and Exchange Commission to go public and list common stock shares on the Nasdaq.
Leslie’s Inc. is the largest, most recognized pool supplies retailer in the United States with over 900 locations. The company is on track to do a billion dollars in revenue for 2020 which is a meaningful increase year over year. This growth in revenue is attributed to a substantial bump in demand for pools and hot tubs during the COVID-19 pandemic. As those pools and spas flood the market then the demand for pool supplies will increase.
Leslie’s proposed IPO is set to raise a $100 million dollars although that is supposedly just a placeholder amount and subject to change.
Leslie’s has been making moves in the pool and hot industry over recent years in an effort to keep growing. They’ve built out locations and made small to medium size acquisitions in order to continue growing their footprint. Some of the acquisition have been of not just pool and hot tub supplies retailers but ones that actually sell the higher ticket hot tubs and above ground pools as well.
In short, the pandemic has sent demand through the roof for hot tubs and pools with no end in sight. For example a typical hot tub order which should take 4-6 weeks for production is now taking 4-6 months. The backlog is so bad that consumers have no choice but to wait. Leslie’s is set to benefit from the surge of hot tub and pool ownership in the United States.