New York, October 14, 2020 – Carl Marks Advisors, a leading investment bank providing financial advisory services to middle market companies, today announced that it advised Jet Line Products, a leading swimming pool equipment and supplies business, in its sale to Pool Corporation. Founded in 1971 by the Epstein family, Jet Line is a third-generation family business providing swimming pool equipment, chemicals and supplies to customers in the Northeast, Texas, South Florida and the Caribbean.
“In the sale of a family or closely-held business, it’s critical to find a buyer who not only understands the economic value of the business that the family has created over generations but also the culture that has made the company successful. We are excited to have worked closely with the second and third generations of the Epstein family to identify a number of attractive strategic options for Jet Line, ultimately leading to its sale to Pool Corp,” said Warren Feder, a Partner at Carl Marks Advisors who understands the intricacies of family businesses, having sold his own family’s business to a public company. “This sale will provide the family owners with substantial liquidity while adding new products and business lines for Jet Line’s long-time customers. Moreover, the third generation family members who were driving the growth of the business – Andy Levinson, Josh Epstein and Brett Epstein – have joined Pool Corp in executive capacities, bringing their talent and in-depth knowledge of the industry to their new partner.”
Although many industries struggled to remain afloat amidst an economy significantly impacted by COVID-19, the summer season set records in the pool supply distribution industry as families decreased their travel and invested more in home-based recreational activities. While Pool Corporation had expressed interest in acquiring the business before the pandemic hit, Jet Line’s strong performance throughout the negotiations helped facilitate a successful sale, Feder added.
“Carl Marks Advisors exceeded our expectations throughout the entire sale process – from identifying the right partner and structuring a great deal to bringing it to a successful close,” said Andy Levinson, President of Jet Line. “Selling a business during a pandemic comes with a unique set of circumstances and their team seamlessly navigated each one. We couldn’t be more pleased with the outcome of the sale and are grateful for their guidance and partnership.”
The Jet Line sale underscores Carl Marks Advisors’ expertise in working with family businesses and entrepreneurs to help them find the right partners to maximize value for their businesses, leading to successful sales, recapitalizations, liquidity events, ownership transfers, and acquisitions.