News
Unity Partners Completes Investment in Poolie
Fast Growing Pool Services Platform Offers Significant Growth Opportunity
DALLAS–(BUSINESS WIRE)–Unity Partners LP (“Unity Partners”), a principles-based middle market investment firm, is pleased to announce it has completed a majority investment in Poolie, an Austin, Texas-based pool services business. Terms of the private transaction were not disclosed.
Poolie was formed in 2021 by CEO Leslie Elliott, with a plan to transform the company into a high-performing market leader. Since then, the business has grown to provide pool cleaning, repair and renovation services to more than 1,200 customers in the Austin area.
“Poolie has enjoyed incredible growth, and I saw an opportunity to bring on a partner with capital and expertise to accelerate our trajectory,” said Elliott. “I’ve known the Unity Partners team for several years and was confident that their principles-based approach would enable us to expand our footprint, enhance operations and take the business to the next level while also creating ownership opportunities for our great employees.”
Employee ownership is built into each of Unity Partners’ platform investments, and Poolie will be launching a Purpose Plan, a program that allows employees to share in the firm’s financial success and capital events.
“Leslie has done an amazing job executing on her vision for Poolie and we are excited to bring new resources and expertise to partner with her and build on that success,” said John Block, CEO and Co-Founder of Unity Partners. “Pool services is a very fragmented industry, and we believe there is ample opportunity to grow through strategic M&A, both in Austin and other metropolitan areas in and beyond Texas. We already have a healthy pipeline of potential partners that will allow us to scale quickly in pursuit of our vision.”
The total addressable market for pool services in the U.S. is estimated at $9 billion—with Texas alone accounting for approximately $1+ billion of that—and is growing at a 3-4% CAGR.
“Poolie has organically grown revenue by more than 130% this year, and we believe we can ramp this growth by partnering with the Poolie team on several value acceleration initiatives,” added Jim Sharpe, Partner and Head of Propel at Unity Partners. “As the company expands to new geographies and makes strategic acquisitions, we will invest in the growth and development of the team, expand marketing capabilities, leverage technology to enhance the customer experience, and optimize Poolie’s supply chain.”
This marks the second platform investment made by Unity Partners in 2023, following tax, accounting and advisory services firm NDH, completed in May.
About Unity Partners
Unity Partners is a principles-based private equity firm that partners investors and operators to build better together, measured by the economic surplus we create and share with all stakeholders. Our principles provide a foundation to build great people-based services and technology organizations that impact thousands of lives. We deploy our Partner & Propel strategy to identify opportunities to Partner with ambitious leaders to accelerate growth, unlock the benefits of platform scale through mergers and acquisitions and Propel value acceleration through investments in people, processes and operational levers. For more information, visit unitypartnerslp.com.
About Poolie
Poolie is an Austin, Texas-based maintenance company servicing both residential and commercial pools since 2021. Services range from simple pool cleaning and repair to complete pool remodel and renovation. For more information, visit www.poolie.com.
Pool News
Patent Pending Apple Watch SOS Feature Could Prevent Drownings
A forthcoming feature potentially destined for the Apple Watch, as detailed in a recent patent application, could serve as a lifesaver for swimmers at risk of drowning.
Outlined in the patent is a capability for the Watch to identify “irregular behavior” and automatically trigger a distress call for assistance.
Apple underscores the alarming statistics surrounding drowning, particularly its prevalence among children, as a leading cause of accidental fatalities.
In the United States alone, drowning claims the lives of over 3,500 individuals annually, ranking as the fifth most common form of accidental death. Tragically, a significant portion of these victims are children.
Emphasizing the critical importance of swift intervention during water emergencies, Apple highlights the dire consequences of prolonged submersion without resuscitation, which can result in brain damage and ultimately, drowning.
A Growing Need For Cost-Effective Wearable Solutions
While acknowledging existing underwater camera systems in some swimming pools aimed at detecting distressed swimmers and alerting lifeguards, Apple notes their costliness and unreliability.
Consequently, there’s a pressing need for a simpler, more cost-effective drowning prevention solution suitable for all types of water bodies, including public and private pools, as well as natural settings like lakes and ponds where installing underwater cameras is impractical.
The patent proposes leveraging wearable devices such as the Apple Watch for broader applicability, increased reliability, and the ability to detect various types of emergencies.
Alerting When Swimmers Are In Distress
For instance, if the Watch detects a wearer who is not proficient in swimming entering deeper water, it can promptly dispatch an alert instead of waiting for signs of distress.
These alerts can be transmitted to nearby devices, including those of friends and family, and seamlessly integrate with existing drowning detection and alarm systems to ensure lifeguards are promptly notified.
Apple Watches already boast capabilities to detect and respond to falls, vehicle accidents, and cardiac irregularities. Heartwarming testimonials featured in Apple’s “Dear Apple” video series show individuals whose lives were saved by these functionalities.
As with many patents from Apple, it’s important to note that not all concepts may materialize into actual products. Nonetheless, this innovation stands as a promising addition for potential integration into future watchOS updates.
Safety
Red Cross Releases Lifeguard VR Training Simulator
New Lifeguard VR Training app released by The American Red Cross provides enhanced surveillance and scanning training for lifeguards.
The American Red Cross has been a pioneer in water safety, aquatic science, certification, and instruction since 1914. Annually, its curriculum trains over 300,000 lifeguards, demonstrating its enduring commitment to ensuring the safety of swimmers.
Lifeguard VR Training: A Deeper Dive
Recently, The American Red Cross took a pioneering leap forward with the introduction of their new Virtual Reality (VR) lifeguard training simulator. This groundbreaking technology promises to transform the way lifeguards are trained, particularly in the crucial areas of surveillance and scanning skills, ultimately enhancing their ability to save lives.
At the recent Association of Aquatic Professionals (AOAP) show held in Reno, Pool Magazine had an opportunity to experience firsthand the innovative lifeguard training simulator developed by the American Red Cross in collaboration with Lucid Reality Labs. Chris Whipple, M.Ed., NREMT, a member of the Scientific Advisory Council of the American Red Cross, spoke about the significance of this technological advancement.
“The Red Cross, already the gold standard in water safety and drowning prevention, is enhancing lifeguard training for surveillance skills with the Lifeguard VR virtual reality tool,” stated Whipple, who explained how the tool will help provide effective scanning and surveillance skills that will assist them in identifying individuals in distress and help reinforce cognitive skills through immersive training scenarios.
How The Technology Works
Lifeguards can access the Lifeguard VR app, which offers a range of unique scenarios set in realistic aquatic environments, from the Meta Quest app store. The technology is compatible with all Meta Quest VR devices. In each scenario, lifeguards are placed on an elevated stand within their assigned zone and must swiftly identify individuals in need of assistance. By blowing a virtual whistle, they signal their recognition of the distressed person. Scores are calculated based on performance metrics that evaluate scanning and recognition abilities.
“The award-winning Lifeguard VR tool uses the best cutting-edge technology to ensure that lifeguards are at the top of their game, keeping facility patrons safe,” added Whipple.
Tackling Real-World Problems
This VR lifeguard training simulator is designed to replicate real-world scenarios with remarkable accuracy. It incorporates elements such as typical water behaviors, drowning behaviors, and the presence of other patrons or swimmers. Lifeguards are also challenged by obstacles like lane ropes and floating features, mirroring the complexities they face in actual pool environments.
Moreover, the Lifeguard VR app provides valuable performance metrics, allowing trainers to track progress and identify areas for improvement. Heatmap data on scanning patterns, along with quiz and identification metrics, offer valuable insights into lifeguard competency at various stages of training.
“Lifeguard Instructors and supervisors can now provide dynamic scenarios set in a realistic pool environment to analyze surveillance and scanning skills, recognition of drowning response, and support first aid skills,” explained Whipple.
By harnessing the power of virtual reality, the American Red Cross aims to revolutionize lifeguard training, ensuring that lifeguards are better equipped to respond effectively to emergencies. This innovative approach not only enhances learning outcomes but also offers a more engaging and accessible training experience for lifeguards.
As Whipple aptly summarized, “With the new Red Cross Lifeguard VR app, lifeguards can practice and hone their skills taught in the classroom. By immersing users in dynamic, realistic drowning scenarios, lifeguards are able to improve learning outcomes while learning in an engaging, modern, and accessible way.”
In an era where technology continues to reshape industries across the board, the integration of virtual reality into lifeguard training represents a significant step forward in ensuring water safety and drowning prevention. The American Red Cross’s commitment to innovation underscores their dedication to excellence in safeguarding aquatic environments and protecting lives.
Photo Credits: The American Red Cross
Manufacturer
SRS Distribution Announces Next Phase of Growth by Combining with The Home Depot to Better Serve Professional Customers
MARCH 28, 2024
SRS Distribution Inc. (“SRS”) announced today that it has entered into a definitive agreement with The Home Depot to be acquired for $18.250 billion. Under the terms of the agreement, SRS Distribution will operate as an independent business unit within The Home Depot, focused on accelerating growth in the Pro market.
Over the past 16 years, the SRS family has become one of the fastest-growing building products distributors in the United States. This proposed transaction will bring together the impressive talent, technology, and capabilities of SRS with The Home Depot’s trusted name and robust platform, expanding SRS’ reach into numerous new product categories and customers.
The proposed acquisition will clear a pathway for accelerated growth with the residential and commercial professional customer by expanding The Home Depot’s Pro capabilities, combining online, retail, and wholesale. The combined platform will open new opportunities for existing suppliers and partners by providing access to SRS’ expert workforce focused on specialty verticals, as well as The Home Depot’s cross-project expertise, product mix, network, and digital assets.
Under the agreement, the SRS senior leadership team will remain with the company to guide its ambitious growth plans. Dan Tinker, President and CEO of SRS, will continue to lead SRS operations under this new structure, reporting to The Home Depot CEO Ted Decker.
“We are proud to be combining with The Home Depot to continue our growth journey with the additional resources and capabilities they will put behind us,” said Dan Tinker, President and CEO of SRS. “We set out to find the optimal strategic outcome for the business, and we strongly believe we have achieved just that. With this combination, the future has never been brighter for our supplier partners, our Pro customers, and our team.”
“SRS’ ability to build leadership positions in each of its trade verticals while generating significant revenue growth is a testament to its strong vision, leadership, culture, and execution,” said Ted Decker, Chair, President, and CEO of The Home Depot. “SRS’ branch network, coupled with The Home Depot’s 2,000+ U.S. stores and distribution centers and comprehensive product offering provides the residential and commercial Pro customer with more fulfillment and service options than ever before. I look forward to welcoming Dan and the entire SRS team to The Home Depot and capturing the exciting opportunity ahead.”
SRS Distribution currently has two private equity investors: Berkshire Partners LLC. (since 2013) and Leonard Green & Partners L.P. (since 2018). “Over the past 16 years, SRS Distribution has successfully grown its business while delivering tremendous shareholder value to its investors and, more uniquely, to
its employees,” said Jon Seiffer, Senior Partner at Leonard Green. “This next chapter with The Home Depot is a logical step in SRS’ evolution and will mutually benefit both companies’ growth prospects for the benefit of all employees, customers, and suppliers,” said Josh Lutzker, Managing Director at Berkshire Partners.
The transaction is expected to close by the end of fiscal 2024 and is subject to regulatory approvals and other customary closing conditions. Jefferies LLC. is acting as lead financial advisor, and Goldman Sachs is also acting as financial advisor to SRS on this transaction.
About SRS Distribution
Founded in 2008 and headquartered in McKinney, Texas, SRS Distribution has grown to become one of the fastest-growing building products distributors in the United States. Since the Company’s inception, it has established a differentiated growth strategy and entrepreneurial culture that is focused on serving customers, partnering with suppliers, and attracting the industry’s best talent. SRS Distribution currently operates under a family of distinct local brands encompassing more than 760 locations across 47 states. SRS Distribution is a portfolio company of Leonard Green & Partners, L.P. and Berkshire Partners LLC. For more information, visit www.srsdistribution.com.
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