Leslie's, Inc. Announces Launch Of Initial Public Offering

PHOENIX, Oct. 22, 2020 /PRNewswire/ -- Leslie's, Inc. ("Leslie's"), the largest and most trusted direct-to-consumer brand in the U.S. pool and spa care industry, today announced that it has launched the roadshow for the initial public offering of its common stock. Leslie's is offering 30,000,000 shares of its common stock. A parent entity of Leslie's controlled by L Catterton is offering 10,000,000 shares of the Company's common stock and intends to grant the underwriters a 30-day option to purchase up to an additional 6,000,000 shares. The initial public offering price is expected to be between $14.00 and $16.00 per share. The Company intends to list its common stock on the Nasdaq Global Market under the ticker symbol "LESL."

Leslie's intends to use the net proceeds of this offering to repay in full the entire outstanding amount of its senior unsecured floating rate notes due 2024, which was $390.0 million as of June 27, 2020, and to the extent of any remaining proceeds, for working capital and general corporate purposes, which may include the repayment of a portion of its borrowings under its term loan credit agreement, dated as of August 16, 2016, which had $815.3 million outstanding as of June 27, 2020.

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and BofA Securities are acting as joint lead book-running managers for the offering.

This offering will be made only by means of a prospectus, which will be filed with the SEC and available on the SEC's website at www.sec.gov. Copies of the preliminary prospectus relating to this offering may be obtained from: Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by email at [email protected], or by telephone at (866) 471-2526; Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at [email protected]; or BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, attention: Prospectus Department, or via email: [email protected].

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Leslie's

Founded in 1963, Leslie's is the largest direct-to-consumer brand in the U.S. pool and spa care industry, serving residential, professional, and commercial consumers. Leslie's markets its products through more than 900 physical locations and multiple digital platforms. The company employs more than 5,000 associates, pool and spa care experts, and certified technicians who are passionate about empowering consumers with the knowledge, products, and solutions necessary to confidently maintain and enjoy their pools and spas.

Forward Looking Statements

This press release contains forward looking statements, including statements regarding the initial public offering. These statements are not historical facts but rather are based on Leslie's current expectations and projections regarding its business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward looking statements as a result of a number of factors, including those in Leslie's registration statement filed with the Securities and Exchange Commission.

Contacts

Investors
Farah Soi/Caitlin Churchill
ICR
[email protected]

Media
Robert Rendine/Jenny Gore/David Isaacs
Sard Verbinnen & Co
[email protected]

SOURCE Leslie’s, Inc.

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