Leslie’s, Inc. (Leslie’s), the most important direct-to-consumer kind within the US pool and spa care business, has introduced the pricing of its preliminary public providing of 40 million shares of its widespread inventory at an preliminary public providing worth of US$17 per share. The providing consists of 30 million shares of widespread inventory being bought by Leslie’s and 10 million shares of widespread inventory being bought by a mother or father entity of Leslie’s (the Selling Stockholder) majority owned by L Catterton and GIC. In addition, the Selling Stockholder granted the underwriters a 30-day choice to buy as much as 6 million extra shares of widespread inventory on the preliminary public providing worth, much less underwriting reductions and commissions to cowl over-allotments, if any. Leslie’s won’t obtain any proceeds from any sale of shares by the Selling Stockholder. The shares of widespread inventory are highly anticipated to start buying and selling on the Nasdaq Global Select Market on October 29, 2020 under the ticker image “LESL.” The providing is predicted to shut on November 2, 2020, topic to customary closing circumstances. Leslie’s expects to obtain Internet proceeds of roughly US$465 million, after deducting underwriting reductions and commissions and providing bills.
Latham & Watkins LLP represented the underwriters within the providing with a capital markets workforce led by New York companions Marc Jaffe and Stelios Saffos, with associates Scott Westhoff, Taylor Stevens, Nicholas Reist, and Sofia Sitterson. Advice was additionally offered on tax issues by New York accomplice Jiyeon Lee-Lim, with affiliate Lea Li; on advantages & compensation issues by New York counsel Rifka Singer, with affiliate Alisa Hand; on IP issues by New York accomplice Jeffrey Tochner, with affiliate Max Miroff; and on surroundings, land & sources issues by New York counsel David Langer, with affiliate Jack Matthews.