Audax Group announced it has completed the acquisition of Cortz, Inc. d/b/a In The Swim (“ITS”). Headquartered in West Chicago, Illinois, ITS is a multi-channel direct marketer of swimming pool supplies and equipment to the residential and commercial swimming pool markets in the United States. Products include chemicals, covers and liners, equipment, parts, and accessories, which are sold through catalog, internet, telesales, retail, and wholesale channels. Barry Pace, Chief Executive Officer of ITS, will continue to lead the management team.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “ITS is the leading direct marketer of pool equipment and supplies. It has excellent brand awareness and customer service. We look forward to working with management to build the business by further penetrating existing end markets, geographic expansion, and strategic add-on acquisitions.”
Barry Pace, Chief Executive Officer of ITS, said “We are excited to be working with Audax Group. Their experience with multi-channel direct marketing companies will be valuable as we continue to build and expand our business.”
Kirkland & Ellis LLP advised Audax Group. Harris Williams & Co. advised ITS. Madison Capital Funding, LLC provided acquisition financing to support the transaction.