AGB 2021.19 - Pool Corp (POOL)

Share Gainer in Scale Advantaged Industry

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Pool Corp

Pool Corp is the largest wholesale distributor of pool supplies and related equipment. The company is a B2B value-add distributor that sources products from over 2.2k suppliers and provides them to over 120k customers, mainly through the company’s 400+ sales centers. Most of Pool Corp’s customers are local contractors that build and/or maintain pools for residential or commercial pool owners and retailers that sell supplies to these pool owners.

Pool Corp operates 4 different distribution networks, two of which are related to pool supplies (SCP and Superior) and these are referred to as the “Blue” business. This is the main business, contributing ~92% of revenues (86% in North America, 6% in Europe/Australia). The company also operates an irrigation and landscape distribution business (Horizon) and this is referred to as the “Green” business. Horizon is the #3 player in North America and contributes ~8% to tota…