Who Owns Leslie's Company?

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Who Owns Leslie's Pool Supplies?

The ownership structure of a company significantly influences its strategic direction, operational accountability, and overall market influence. A pivotal event that reshaped Leslie's, Inc.'s ownership landscape was its Initial Public Offering (IPO) in October 2020. Leslie's, Inc., founded in 1963 by Phil Leslie Jr. in North Hollywood, Los Angeles, and originally known as Leslie's Poolmart, has grown to become the largest direct-to-consumer pool and spa care brand in the United States. The company's vision, rooted in providing essential pool and spa supplies with superior customer service, has led to its extensive network of retail stores, online platforms, and service centers.

Headquartered in Phoenix, Arizona, Leslie's operates over 975 stores across 37 states, employing approximately 3,850 year-round employees, expanding to over 5,000 during peak season. As of July 2025, Leslie's maintains a market capitalization of $77.30 million, a significant decrease from its IPO market cap of $3.17 billion. This exploration will delve into the evolution of Leslie's ownership, from its founders and early backers to the current major institutional stakeholders and board dynamics, highlighting the transformative shifts over time.

Understanding who owns Leslie's is crucial for grasping its current market position and future trajectory. The company's journey from a private entity to a publicly traded one has brought about significant changes in its corporate ownership. Initially, the company was privately held, with its ownership evolving through various stages of growth and investment. The transition to a public company means that ownership is now distributed among shareholders, with institutional investors often holding substantial stakes. This shift impacts how decisions are made and how the company is managed, moving from private equity influence to broader public market scrutiny. The history of Leslie's Pool Supplies ownership reveals a dynamic path towards its current status as a publicly traded entity.

The question of 'Who owns Leslie's' becomes more complex when considering the post-IPO landscape. While the company is publicly traded, certain institutional investors and asset management firms hold significant portions of its stock, making them key stakeholders in Leslie's corporate ownership. These major investors, through their substantial shareholdings, can influence the company's strategic decisions and governance. Identifying the largest shareholders provides insight into the current Leslie's company structure and who the major investors in Leslie's Pool Supplies are. This publicly available information helps paint a clearer picture of the beneficial owner of Leslie's Pool Supplies and the overall Leslie's corporate ownership.

Leslie's Pool Supplies is a publicly traded company, meaning its stock is available for purchase on an exchange. The stock symbol for Leslie's Pool Supplies is LESL. This public trading status means that ownership is not concentrated in a single entity but rather distributed among many shareholders, including individuals and institutions. The company's journey to becoming publicly traded was marked by its IPO in 2020. Prior to this, the company was under private equity ownership, notably by Investcorp, which acquired a majority stake in 2017. Understanding when Investcorp acquired Leslie's is key to tracing its ownership history. While Investcorp was a significant owner, the IPO allowed for a broader distribution of ownership.

The current ownership of Leslie's is primarily held by its public shareholders, with institutional investors playing a significant role. As of July 2025, major institutional holders include Vanguard Group Inc., BlackRock Inc., and Dimensional Fund Advisors LP, among others. These entities collectively manage large portfolios and invest in numerous companies, including Leslie's. The percentage of Leslie's that these institutions hold can fluctuate based on market activity and their investment strategies. For instance, Vanguard Group Inc. is often a substantial shareholder in many publicly traded companies. The key executives at Leslie's Pool Supplies, such as the CEO, also play a crucial role in the company's direction, even if their direct ownership percentage is smaller compared to institutional investors. The company's product offerings, such as those analyzed in Leslie's BCG Matrix, are managed under this ownership structure.

Leslie's Poolmart, a significant player in the swimming pool supply industry, traces its origins back to 1963. It was established by Phil Leslie Jr. and his business partner, Raymond Cesmat. Together, they embarked on a mission to create a chain of swimming pool supply stores, initially focusing their efforts on the Greater Los Angeles area. Phil Leslie Jr.'s vision was centered on offering competitive prices and ensuring a high level of customer satisfaction, a strategy that proved to be highly effective and scalable as the popularity of swimming pools grew.

The company experienced substantial growth during its formative years, expanding to encompass 65 stores within the first two decades of its operation. This period of expansion laid the groundwork for Leslie's future success. However, the partnership between Leslie and Cesmat encountered significant challenges in the late 1980s, primarily concerning the future direction of the company. These disagreements ultimately led to a complex legal battle over ownership.

The partnership's disputes came to a head when Raymond Cesmat expressed a desire to sell his stake in the company. In 1987, Phil Leslie Jr. made an offer to buy out Cesmat's share at a price that had been previously agreed upon by both partners. Despite this offer, Cesmat declined to sell, and the disagreement intensified, culminating in Cesmat filing for the dissolution of the corporation. This legal action resulted in a court-ordered sale of the company in 1988.

Founding Year

Leslie's Poolmart was founded in 1963.

Founders

Phil Leslie Jr. and Raymond Cesmat were the co-founders.

Initial Expansion

The company initially focused on the Greater Los Angeles area.

Early Growth

Within two decades, the company grew to 65 stores.

Partnership Dispute

Disagreements over the company's future arose in the late 1980s.

Hostile Takeover

The company was acquired for $23 million in 1988.

In 1988, Leslie's was acquired in a hostile takeover for $23 million by the private equity firm Hancock Park Associates. This acquisition followed a court order for the company's sale due to the partnership disputes. Phil Leslie received $10 million from this transaction, but he reportedly felt that the company had been taken from him. Following the takeover, a new management team was installed, and store managers who initially refused to open their stores in a show of loyalty to Mr. Leslie were replaced. This marked a significant shift in Leslie's ownership and operational leadership, impacting its early corporate ownership structure.

Key Ownership Transition

The company's ownership transitioned from its founders to a private equity firm through a court-ordered sale.

• Founders: Phil Leslie Jr. and Raymond Cesmat
• Founding Year: 1963
• Acquisition Year: 1988
• Acquiring Firm: Hancock Park Associates
• Acquisition Price: $23 million
• Phil Leslie Jr.'s Proceeds: $10 million
• Impact of Takeover: Replacement of management and store personnel

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The ownership journey of Leslie's has seen several significant shifts since its inception. A pivotal moment occurred in 1988 when Hancock Park Associates acquired the company. This was followed by an initial public offering in 1991, which successfully raised $28 million by selling 47% of the company's shares. These funds were earmarked for debt repayment and expansion initiatives. In 1997, Hancock, in collaboration with private equity firm Leonard Green & Partners, took Leslie's private once more in a transaction valued at $140 million. By 2010, Leonard Green began exploring options for divesting its stake, with the company's valuation then projected to exceed $1 billion. Ultimately, Leonard Green transferred a substantial portion of its ownership to CVC Capital Partners and GSO Capital Partners. Subsequently, in January 2017, CVC Capital Partners completed the sale of Leslie's Holdings to L Catterton, a private equity firm with a focus on consumer businesses. An affiliate of GIC, a global investment firm based in Singapore, also made a considerable investment during this period.

Leslie's, Inc. re-entered the public market on October 29, 2020, listing on the Nasdaq Global Select Market under the ticker symbol 'LESL'. The initial public offering involved the sale of 46,000,000 shares of common stock. Of these, 30,000,000 shares were offered by Leslie's itself, while the remaining 16,000,000 shares were sold by a parent entity controlled by L Catterton and GIC. The offering price was set at $17.00 per share, with Leslie's not receiving any proceeds from the shares sold by the selling stockholder. At the time of its IPO, Leslie's commanded a market capitalization of $3.17 billion. As of July 17, 2025, the market capitalization has seen a substantial decrease, standing at $77.30 million.

As of July 2025, Leslie's, Inc. is held by 342 institutional owners and shareholders, collectively possessing 257,097,961 shares. Prominent institutional shareholders include Ariel Investments, Llc, BlackRock, Inc., Vanguard Group Inc, Clarkston Capital Partners, LLC, and Lind Value II ApS. Notably, Ariel Investments, LLC reported beneficial ownership of 58,177,415 shares as of March 31, 2025, indicating a significant stake. These institutional holdings represent a considerable portion of the company's common stock, which had 184,969,296 shares issued and outstanding as of September 28, 2024. The company's financial structure shows a debt-to-equity ratio of approximately 2.48 as of September 2024, highlighting its reliance on debt financing.

Key Institutional Shareholders

Several major investment firms hold substantial stakes in Leslie's, influencing its corporate ownership structure.

• Ariel Investments, Llc
• BlackRock, Inc.
• Vanguard Group Inc
• Clarkston Capital Partners, LLC
• Lind Value II ApS

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As of July 2025, Leslie's, Inc. is overseen by a Board of Directors comprising eight members. John Strain holds the position of Chairman of the Board, a role he assumed in March 2024. Jason McDonell, who has been the Chief Executive Officer since September 2024, also sits on the board. The other directors include Lorna E. Nagler and Maile (Clark) Naylor, both of whom joined in 2024, along with Claire Spofford, Susan O'Farrell, Jonathan Estep, and Yolanda Daniel. A significant portion of the board, specifically Lorna Nagler, Maile Naylor, Claire Spofford, Susan O'Farrell, Jonathan Estep, and Yolanda Daniel, are recognized as independent directors. Within the board's committee structure, Maile Naylor is involved with the Audit and Compensation Committees, while Lorna Nagler contributes to the Nominating and Corporate Governance and Compensation Committees.

The company's board composition reflects recent changes, with Eric Kufel having resigned in May 2024 and new directors like Maile (Clark) Naylor and Lorna Nagler being appointed during 2024. The average tenure on the board is approximately 2.4 years, indicating a relatively new group of directors guiding the company's strategy.

The voting power for Leslie's common stock generally follows a one-share-one-vote principle. However, following its initial public offering, affiliates of L Catterton and GIC maintained a majority of the voting power. This concentration of voting power designated Leslie's as a 'controlled company' under Nasdaq's corporate governance rules. While these entities did not possess special voting rights or golden shares, their substantial shareholding blocks afforded them significant control over the company's direction. Understanding the Revenue Streams & Business Model of Leslie's provides context for how these ownership structures influence strategic decisions.

Leslie's Corporate Governance Snapshot

Leslie's operates with a board structure designed to guide its strategic direction. The company's classification as a 'controlled company' highlights the influence of its significant shareholders.

• Board of Directors: 8 members as of July 2025.
• Chairman: John Strain.
• CEO: Jason McDonell.
• Majority Voting Power: Held by affiliates of L Catterton and GIC.
• Controlled Company Status: Due to significant shareholder blocks.

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In the past three to five years, Leslie's, Inc. has undergone significant transformations in its leadership and ownership landscape. Jason McDonell assumed the role of Chief Executive Officer in September 2024, stepping in after the departure of Mike Egeck. John Strain provided interim leadership before McDonell's arrival. The company's Board of Directors also saw changes, with new members like Lorna Nagler joining in June 2024 and Maile (Clark) Naylor in May 2024, increasing the board's size from seven to eight individuals.

Institutional investor activity has been particularly dynamic. During the first quarter of 2025, a total of 75 institutional investors increased their holdings, while 134 reduced their positions. Notably, BlackRock, Inc. divested 16,316,844 shares, a decrease of 55.5%, in Q1 2025. Conversely, Ariel Investments, LLC expanded its stake by adding 7,649,626 shares, a 15.1% increase in the same period. Lind Value II ApS also substantially boosted its investment, acquiring an additional 4,492,185 shares, representing a 97.7% rise in Q1 2025. This period reflects considerable shifts in who owns Leslie's, with active adjustments by major investment firms.

The company's stock performance has been challenging, with the share price on July 17, 2025, standing at $0.39. This represents a significant decline of 86.11% from its price of $2.83 on July 18, 2024. Consequently, the market capitalization has shrunk from $3.17 billion at its IPO in October 2020 to $77.30 million as of July 21, 2025. This steep valuation drop has led to a notification from Nasdaq concerning non-compliance with listing rules, specifically the requirement for an average closing price of at least $1.00 per share for 30 consecutive business days. To address this, Leslie's is planning a reverse stock split, with options ranging from 1-for-10 to 1-for-30, to be voted on at a special meeting scheduled for September 10, 2025, aiming to regain compliance and maintain its public listing. These developments underscore the company's current market challenges and the strategic measures being considered.

Leadership Transition

Jason McDonell became CEO in September 2024. Mike Egeck departed the company prior to this appointment. John Strain served as interim CEO during the transition period. These changes reflect a new direction for the company's executive leadership.

Board of Directors Additions

The board expanded with new members Lorna Nagler and Maile (Clark) Naylor in mid-2024. This brought the total board size to eight members. These appointments aim to bring diverse perspectives to the company's governance.

Institutional Investor Activity

Q1 2025 saw significant buying and selling by institutional investors. BlackRock reduced its stake substantially, while Ariel Investments and Lind Value II ApS increased theirs. This indicates shifting confidence among major shareholders regarding Leslie's Pool Supplies owner.

Stock Performance and Compliance

The stock price has fallen dramatically, leading to a delisting warning from Nasdaq. The company is proposing a reverse stock split to meet minimum price requirements. This strategic move is crucial for maintaining its public trading status and reflects the challenges in Leslie's company structure.

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