Before we dive into this week’s topic,
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State of Play
Over the last few weeks we've gotten several deep dive requests from readers with pool services being one of them. We had heard the roll-up thesis mentioned before, but we didn't realize how active the space actually is.
Below is what the current landscape looks like (credit for the graphic goes to one of the readers as he was gracious enough to share it with us). SPS PoolCare (owned by Storr Group) has done over 220 acquisitions as announced in July!
Note: This graphic is from a RTC reader; not validated by RTC as private company data is not readily available.
Today we’re going to examine what makes this thesis interesting and use Pool Troopers (a PE-backed platform that was eventually rolled into SPS) as a case study.
Let’s dive in.