Wayne, PA - August 1,
2017 - Boathouse Capital is pleased to announce that it has successfully exited its investment in Pleatco, a family-owned, market leader and premier innovator in the pool and spa filtration industry. The exit is the result of a growth investment made by Align Capital Partners.
Headquartered in Glen Cove, NY, Pleatco is a leading manufacturer of water filtration products used in the pool and spa industry. Pleatco provides over 700 filtration products for pool and spa retailers, distributors, and original equipment manufacturers. The company has an outstanding reputation among consumers and retailers thanks to a proprietary design that maximizes water flow and minimizes energy consumption.
Boathouse invested approximately $7 million in multiple rounds from 2010-2017 to recapitalize Pleatco's balance sheet and to fund future growth. During Boathouse's investment period, Pleatco became the exclusive pool filter supplier to Leslie's and nearly tripled its revenues.
Bill Dyer, General Partner remarked, "It has been a pleasure working with Howard Smith and his team for nearly seven years. We experienced and learned a great deal during our investment together and Howard proved himself to be a highly motivated and skilled CEO. I wish Howard and the new ownership group the best of luck going forward and am pleased to provide our investor group with a positive outcome."
"Bill Dyer and the entire Boathouse team have been great to work with. Over the years they have shared our vision and have been extremely supportive of our growth plans," said Howard Smith, CEO of Pleatco.
