Paddock Pools bought from private equity firm
Former exec joins forces with Phoenix businessman
Casual Living Staff -- Casual Living, 2/8/2013 4:37:23 PM
SCOTTSDALE, Ariz. - Paddock Pools was purchased from private-equity firm Lincolnshire Management by Craig Maggi, former Paddock general manager, and Tom McKee, former investment banker, according to reports from local newspapers.
Financial terms of the purchase weren't disclosed. Maggi becomes president and CEO, while McKee becomes president of retail operations. In the deal, Maggi and McKee receive two retail locations in Scottsdale and Tempe.
The new company will focus more on pool construction, remodeling and service, and less on pool-supply stores, The Arizona Republic reported.
New York-based Lincolnshire Management had expanded its retail store lineup after it acquired Paddock in 2005 from the Ghiz family, which had founded the business in 1958. Paddock employs about 40 people, and most of them likely will be retained, the new owners said.
"Tom and I always believed if there were ever an opportunity to take this brand over, we could do some fantastic things with it," Maggi was quoted as saying in the Phoenix Business Journal.
Maggi joined Paddock Pools in 2009 as service manager and subsequently became the company's general manager before leaving last year to lead his own company. McKee is a former investment banker and business owner. They said they will focus entirely on Paddock going forward.
"Paddock has built pools for many of the large resorts, including popular area water parks and tens of thousands of pools in homes since the company's founding in 1958," McKee told the Arizona Republic. "This is a terrific business opportunity, as all pool companies including Paddock continue recovering from the recession."
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