Pool Corporation Signs Definitive Agreement to Acquire Distribution Assets of General...
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Pool Corporation Signs Definitive Agreement to Acquire Distribution Assets of
General Pool & Spa Supply, Inc.
COVINGTON, La., Oct. 5, 2009 (GLOBE NEWSWIRE) -- Pool Corporation (the "Company"
or "POOL") (Nasdaq:POOL) announced today that it has signed a definitive
agreement to purchase General Pool & Spa Supply, Inc. ("GPS"), a leading
regional swimming pool and spa products distributor operating since 1966 and
based in Northern California. GPS operates 10 distribution sales centers and has
annual net sales of approximately $40 million. The transaction is expected to
close in mid-October 2009.
Manuel Perez de la Mesa, POOL President and CEO, commented, "GPS is one of the
most respected and sophisticated distributors in our industry, with a veteran
team of knowledgeable employees and a strong track record of customer service.
This transaction will strengthen our market positions and provide opportunities
to leverage GPS' technology platform and spa parts expertise. The Company
expects that synergies from this transaction will enable the acquisition to be
accretive in 2010 and beyond."
Pool Corporation is the largest wholesale distributor of swimming pool and
related backyard products. Currently, POOL operates over 280 sales centers in
North America and Europe, through which it distributes more than 100,000
national brand and private label products to roughly 70,000 wholesale customers.
For more information about POOL, please visit www.poolcorp.com.
The Pool Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4853
This news release includes "forward-looking" statements that involve risk and
uncertainties that are generally identifiable through the use of words such as
"believe," "expect," "intend," "plan," "estimate," "project" and similar
expressions and include projections of earnings. The forward-looking statements
in this release are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements speak only
as of the date of this release, and we undertake no obligation to update or
revise such statements to reflect new circumstances or unanticipated events as
they occur. Actual results may differ materially due to a variety of factors,
including changes in the economy and the housing market, the sensitivity of our
business to weather conditions, our ability to maintain favorable relationships
with suppliers and manufacturers, competition from other leisure product
alternatives and mass merchants, and other risks detailed in POOL's Form 10-Q
for the quarter ended June 30, 2009 filed with the Securities and Exchange
Commission.
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CONTACT: Pool Corporation
Mark W. Joslin, Vice President and Chief Financial Officer
985.801.5151
mark.joslin@poolcorp.com
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