Benzinga | Nov 11, 2021 08:19AM EST

Pool Corp To Acquire Porpoise Pool & Patio For Undisclosed Sum

* Pool Corp (NASDAQ:POOL) has agreed to acquire Largo, Florida-based Porpoise Pool & Patio Inc, including its main operating subsidiaries, Sun Wholesale Supply Inc and Pinch A Penny Inc, for an undisclosed sum.

* Sun Wholesale Supply is a distributor of swimming pool and outdoor living products.

* Pinch A Penny is a franchisor of the pool and outdoor living-related specialty retail stores in the U.S. with 260 independently owned and operated franchised stores.

* Pool Corp expects the transaction to close by December 31, 2021.

* Pool Corp assumes the net revenue growth contribution similar to that realized from other recently completed acquisitions and plans to use borrowings available from its newly expanded revolving credit facility and cash on hand to fund the purchase.

* Pool Corp held $83.5 million in cash and equivalents as of September 30, 2021.

* Price Action: POOL shares closed higher by 0.04% at $526.52 on Wednesday.