13, Dec. 2021
Tenex Capital Management Completes Sale of Pool Supplies Distribution Company, AquaCentral

New York, NY – December 13, 2021 – Tenex Capital (“Tenex”) is pleased to announce the sale of AquaCentral, the second largest distributor of pool equipment and supplies in the U.S., to Heritage Pool Supply Group (“Heritage”). Heritage is a rapidly growing platform within SRS Distribution, a portfolio company of Leonard Green & Partners, L.P. and Berkshire Partners. As part of the transaction, Tenex and the other AquaCentral shareholders will receive a minority equity interest in SRS Distribution alongside the existing ownership group.

AquaCentral is a portfolio company of Tenex Capital Partners III, LP (“Fund III”) that was formed through Tenex’s merger of two family-owned businesses, Florida Water Products and Pool and Electrical Products. Since the initial combination transaction, the company has expanded quickly via robust same-store-sales growth, the merging of five other family-owned businesses, and the opening of multiple greenfield locations.

Tenex Managing Director Gabe Wood commented, “The team at AquaCentral has delivered exceptional growth and captured substantial market share in a very short period of time, while building the clear #2 player in the pool supplies distribution market. Their flawless execution across pricing, purchasing, logistics, warehouse transformations, new branch launches, talent management, and various other operational initiatives has combined to yield a phenomenal outcome for all stakeholders. While this transaction comes at an earlier stage than we had planned, we felt that combining forces with a best-in-class company in SRS Distribution would position AquaCentral and its stakeholders for long-term success, and we are excited to remain as shareholders for this next chapter of growth.”

“The partnership with Tenex has exceeded all expectations,” said AquaCentral CEO Carlos Del Amo. “Tenex’s collaborative approach to rolling up their sleeves and supporting our company across acquisitions, greenfields and overall operational execution proved to be an invaluable asset. Having Tenex’s support during this period of explosive growth allowed us to continue to delight our customers and enabled our knowledgeable staff to maintain their laser focus on providing broad inventory selection, competitive pricing, and unparalleled service.”

The transaction was closed on December 10, 2021, and marks Tenex’s second successful realization event within the pool parts and equipment space this year, following the sale of Custom Molded Products in March to Fluidra.

William Blair & Company, LLC served as lead financial advisor to AquaCentral, with Nomura Securities International, Inc. and Houlihan Lokey serving as co-advisors. Willkie Farr & Gallagher LLP served as legal counsel to AquaCentral.

BofA Securities, Inc. and Barclays Capital Inc. served as financial advisors to SRS Distribution. Latham & Watkins LLP served as legal counsel to SRS Distribution.

About AquaCentral:

AquaCentral is the second largest distributor of pool equipment and supplies in the US. The Company operates under local brands Florida Water Products, Pool & Electrical Products, American Pool Supply, Bel-Aqua Pool Supply, Conely Company, Mayfield Pool Supply, Classic Pool Tile, and Noble Tile Supply. In 2021 the company joined SRS Distribution’s Heritage Pool Supply Group. The combined company has 13 distinct brands operating more than 85 branch locations across 21 states. For additional information, please visit

About Tenex Capital Management:

Tenex Capital Management is a private equity firm that invests in middle market companies. Tenex uses an in-house team of hybrid investment professionals skilled in operational leadership, investing, and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities. Tenex has successfully invested in a diverse range of industries, including industrials, business services, healthcare, building products, and auto aftermarket, among others. For additional information, please visit

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