By strengthening its complementary products offering, POOL provides additional opportunity to increase long-term shareholder value. "Horizon's product offerings complement POOL's as both companies have initiatives to enhance the value proposition to their customers by becoming a "one-stop shop". Similar to POOL, Horizon operates in a marketplace that has been favorably impacted by the trend for increased homeowner spending on outdoor living space." Horizon is a natural addition to our business, as irrigation and landscaping is often a key component to completing a swimming pool installation or remodeling.
It is the culmination of a search that began in 1999 to identify a suitable distribution platform in the $3+ billion irrigation and landscape marketplace to complement our objective of being the resource for pool and landscaping contractors. Manuel Perez de la Mesa, POOL President and CEO, commented, "This transaction brings added depth and diversity to POOL through an extension of our complementary products offering. POOL will fund this transaction through utilization of its existing bank facilities. With 40 distribution locations in eight western and southwestern states, Horizon's net sales are projected to be approximately $175 million for fiscal 2005.
HORIZON DISTRIBUTORS INC CORPORATION COVINGTON LA PROFESSIONAL
SCP POOL CORPORATION TO ACQUIRE HORIZON - SCHEDULES CONFERENCE CALLĬOVINGTON, LA (August 26, 2005) – SCP Pool Corporation (NASDAQ/NM:POOL) announced today that it has signed a definitive agreement to acquire Automatic Rain Company (d/b/a "Horizon"), a leading regional wholesale distributor of irrigation and landscape products serving professional contractors in the landscape construction and maintenance markets.
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