Done Deals: Paribas Notches Pool Cleaner Deal –

Paribas Principal Partners, the U.S.-based buyout arm of BNP Paribas, acquired Polaris Pool Systems from Liberty Capital Partners and Lincolnshire Management in September. BankAmerica Capital Investors co-invested alongside Paribas Principal Partners.

Gleacher & Co. arranged $115 million in senior and subordinated debt and led bank syndication for the deal.

Gary Binning, a managing director at Paribas Principal Partners, declined to discuss a transaction price for the company or its revenue.

Polaris Pool Systems manufactures swimming pool cleaners and other pool and spa products. Binning said Paribas will concentrate on building up and creating pool product lines beyond those that are maintenance oriented, including decorative products for residential pools and backyards. The firm also will focus on consolidating the fragmented industry, he said, noting the previous owners were not as willing to commit the additional equity for add-ons.

Polaris is no stranger to LBOs. It was acquired by Jordan Industries in 1989 and passed on to Liberty and Lincolnshire in 1994. The Vista, Calif.-based company has facilities in Florida, Spain and Australia, and employs approximately 300 people.

Paribas Principal Partners has invested approximately $250 million in equity in 14 deals over the last three years.