Palm City, Florida pool and spa industry aggregator CPSM Inc. recently disclosed final figures on its purchase of Sundook Advanced Pool Services LLC and Lighthouse Pool Supply Inc., culminating a task begun Dec. 7, 2015.
At closing, the two related businesses were paid $165,000 in cash and 417,000 common shares, valued at $25,000. Following a mutually arranged audit, CPSM released an additional $10,000 but withdrew the 417,000 shares, sold the remaining assets of Lighthouse Pool Supply for $17,500, and added a five-year non-compete clause.
Sundook Advanced Pool Services LLC and its sister company, Lighthouse Pool Supply Inc. are both family-owned and based in Stuart, Florida.
Lighthouse Pool Supply Inc., founded in 2008, and Sundook Advanced Pool Services LLC, formed in 2010, are both managed by Gail Sundook and serve the Martin County area.
“We are very happy how this acquisition turned out,” CPSM chairman Lawrence Calarco said. “CPSM added a significant number of new customers to its contiguous service area without suffering any shareholder dilution. We gained market share and minimized the potential for future competition ”
CPSM is a publicly held company active in many aspects of the pool and spa business in Florida, including design, construction and maintenance.
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