04/06/2020 - 15:24

Belmont pool company bought for $3.1m

04/06/2020 - 15:24

Bookmark

Save articles for future reference.

ASX-listed Waterco is purchasing Kreepy Krauly distributor Autopool for $3.08 million, as the company seeks to expand its range of pool equipment products.

Belmont pool company bought for $3.1m
Autopool sells Kreepy Kraulys and other pool equipment. Photo: Google Street View

ASX-listed Waterco is purchasing Kreepy Krauly distributor Autopool for $3.08 million, as the company seeks to expand its range of pool equipment products.

Waterco said the move would consolidate its position as one of the last remaining Australian-owned and operated pool equipment businesses.

Belmont-based Autopool is separate from Kreepy Krauly Australia Pty Ltd, which is the company founded by Perth-based Terry Jackson in 1976 as an automated pool cleaner manufacturer.

Kreepy Krauly is now run by Mr Jackson's children, Andrew Jackson (executive director) and Sarah Davis (director and operations coordinator).

Autopool, which began trading in 1982 as a specialised Kreepy Krauly distributor, now also sells pumps, filters, salt chlorinators, heaters, solar pool blankets and LED lighting systems.

It has since expanded into Queensland, Victoria and NSW.

Waterco chief executive Soon Sinn Goh said purchasing Autopool – registered as Automated Pool Products Pty Ltd – would strengthen the company’s market share.

“Autopool’s established brand name, excellent market reputation and digital transformation will enable us to offer comprehensive pool and spa solutions to customers throughout Australia,” he said.

The purchase will be funded by a combination of bank loans and working capital, Waterco said.

It expects the acquisition to add more than $300,000 to the company’s earnings next financial year, with the sale to complete before the end of the month.

Waterco, established in 1981 and listed on the ASX in 1989, manufactures a range of pool equipment and water treatment products.

It has warehouses in Australia, New Zealand, Malaysia, Indonesia, Singapore, China, US and the UK.

Company shares closed up 2.2 per cent to trade at $2.30.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options