Sensing an opportunity with a recovering Arizona housing market and economy, one-time Paddock Pools’ executive Craig Maggi and Valley businessman Tom McKee have purchased the company from previous owner Lincolnshire, which has owned the company since 2005.
Terms of the sale were not disclosed.
Maggi joined Paddock Pools in 2009, nearly doubling sales as Service Manager. He subsequently became the company’s General Manager until leaving in 2012 to head his own company. Raised in Phoenix, McKee is a former Wall Street investment banker and Valley Business owner.
“Paddock has built pools for many of the large resorts including popular area water parks and tens of thousands of pools in homes since the company’s founding in 1958. It is one of Arizona’s iconic, blue-chip brands that consumers trust and know. We think this is a terrific business opportunity as all pool companies including Paddock continue recovering from the recession,” McKee said.
After its acquisition by the New York-based Lincolnshire in 2005, Paddock Pools embarked on an ambitious expansion of retail stores that proved to not be as profitable as hoped, especially as the economy turned.
Prior to the acquisition announced today, Lincolnshire made a decision to close a number of the Paddock retail outlets, as Shasta Pools, another Valley pool provider, did previously when it opted to dispose of its retail operations to Leslie’s Pool Supplies.
McKee said Paddock Pools would continue to operate two of its retail locations at its Paddock Superstore at 8718 E Shea Blvd in Scottsdale as well as in Tempe at 1238 W Elliott Rd. The building and real estate currently housing the company’s headquarters near 64th Street and Thomas Road were not part of the transaction. The headquarters and employees will be relocated to Paddock’s 29,000 square foot superstore space at Shea Boulevard and the 101.
“After enduring several tough years we thought Craig and his team were just the people to take over this great brand just when things in Arizona might be ready to take-off again,” said Mike Forlenza of Lincolnshire Management. Forlenza said Maggi’s passion for the business was obvious during his time helping turnaround sales, and later as General Manager.
According to Maggi, new ownership also means a renewed focus on pool construction, service and remodeling, the original mission of Paddock Pools.
“For decades Paddock Pools has been a premier builder of pools in the communities in which it has served, always being a conscientious citizen of them. Our goal in the years ahead will be an emphasis on and expansion of our pool construction talents and experience,” Maggi said.
The new owners said those efforts would begin immediately, starting with a showcase at the upcoming Phoenix Home and Garden show in March.
With a family of baseball playing sons at Arizona State University and the University of Arizona, Maggi likened the opportunity for the company and customers to the Valley’s upcoming spring training season. “Like the teams that will soon be reporting we are very optimistic about future prospects because of all of the great teamwork that has made the Paddock brand so special for so many years,” Maggi said.