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Fluidra: The Story of the World's Pool Equipment Empire
I. Introduction & Episode Roadmap
Picture this: It's 1969, the year humans first walked on the moon. In a modest workshop on the outskirts of Barcelona, four Catalan families—the Planes, Serra, Corbera, and Garrigós clans—are joining forces to manufacture metal components for swimming pools. Fluidra was founded in 1969 in Barcelona, Spain by four families (Planes, Serra, Corbera and Garrigós), creating the first company called Astral Construcciones Metálicas.
Franco still rules Spain with an iron grip. The economy is just beginning to stir from decades of isolation. But these four families see something others miss: as Spain modernizes, as the Mediterranean tourism boom accelerates, and as a new middle class emerges, people will want swimming pools. Lots of them.
Fast forward to today. Fluidra has a current market cap of $5.49B with 190M shares. As of 30-Jun-2025, Fluidra has a trailing 12-month revenue of $2.38B. The company operates in over 45 countries, employs approximately 6,000 people, and stands as the undisputed global leader in pool and wellness equipment.
How did a metal fabrication shop in late-Franco Spain become the dominant force in the global pool industry? The answer lies in a fifty-five-year saga of patient family capitalism, bold consolidation, one of the most complementary mergers in industrial history, and a pandemic that turned backyards into the world's hottest real estate.
This story has everything: four families navigating succession across two generations, an IPO timed months before the worst financial crisis since the Great Depression, a transformational merger with an American rival that combined their exact geographic weaknesses into strength, and a pandemic-fueled demand surge that validated the company's entire thesis about pools as essential lifestyle assets.
The themes that emerge—recurring revenue from aftermarket sales, the roll-up strategy in fragmented industries, family capitalism as a competitive advantage, and the hidden value in mundane consumer infrastructure—offer lessons far beyond the pool industry.
II. The Origins: Four Families in Barcelona (1969-1990s)
The Founding Vision
Joan Planes Vila (Estamariu, 16 August 1941 - 23 January 2025) was a Catalan businessman and founder of the multinational Fluidra. Born in a tiny mountain village in the Pyrenees where, as he later joked, "we lived like the Romans," young Joan Planes seemed destined for a very different life.
The youngest of eight siblings from Cal Sovei, Planes realized early that the seminary in La Seu d'Urgell where he had been sent to study was not the path he wanted to follow. "Initially I was convinced I would be a priest, but at 12 or 13 years old I realized it was not my goal, and I left for Barcelona to study engineering."
He later moved to Barcelona, where he graduated in Industrial Engineering. This rural boy turned engineer would become the driving force behind what would grow into a €2+ billion global enterprise. In 1969, he co-founded the company Astral, S.A. de Construcciones Metálicas, which he directed and evolved into the current Fluidra.
The timing was not coincidental. Spain in 1969 was experiencing its "economic miracle," decades of rapid industrialization that would transform the nation from rural backwater to European economic power. Tourism was booming along the Mediterranean coast. A new class of Spaniards could suddenly afford luxuries previously reserved for the elite. And few symbols of the good life resonate more powerfully than a swimming pool.
The four founding families brought complementary skills and capital. What began as metal fabrication quickly expanded into the full ecosystem of pool components: pumps, filters, valves, lighting, and chemical treatments. During the first 10 years, the company opened its first manufacturing plant in PolinyĂ (Barcelona).
The International Pivot
What distinguished the founding families from countless other small manufacturers was their early recognition that Spain alone could never sustain their ambitions. The domestic market was too small, too cyclical, and too dependent on Spain's still-fragile economy.
Established in 1969 as Astral by four founding families, today Fluidra operates internationally across both the residential and commercial pool & wellness markets. Following initial success in Spain, the company began its international expansion during the 1970s in France and Italy.
Astral launched its first branch offices in the international market, starting in France in 1976 and then in Italy in 1977. The production of injection-molded plastic parts began in 1978 at Plasteral, which would then become the first company of its kind exclusively distributing products for pools. Exports to Denmark and Australia began.
The 1980s brought further diversification. The company's second decade was spent setting up the Cepex, Sacopa, CTX and Poltank factories. Sales companies Astral UK in the United Kingdom, Marazul in Portugal and Astral Export were also formed.
Olympic Credentials
A pivotal moment came in 1992, when Barcelona hosted the Summer Olympics. Another highlight is AstralPool's contribution as a supplier for the 1992 Olympic Games in Barcelona. This wasn't just good publicity—it established the company as capable of serving commercial and institutional projects, not merely residential pools. The Olympics demonstrated that these Catalan pool engineers could compete with anyone in the world.
The Governance Innovation
By the late 1990s, the founding families faced the classic challenge of second-generation succession. Four families meant four sets of heirs, four different visions, and potentially four-way conflicts. Many family businesses collapse at precisely this moment.
In order to improve governance, Astral was split into holding companies in 1998: the AstralPool Holding took in the pool sales companies, AuricPool the pool manufacturers, the Cepex Holding the valves and fittings companies, the Neokem Holding chemical products for the treatment of water, and the SNTE Holding domestic and industrial water treatment.
This restructuring accomplished several objectives. It created clear accountability for each business segment. It separated the family members' operating roles from their ownership interests. And it established a governance framework that could scale as the company grew.
The four-family structure, which might seem like an invitation to paralysis, became instead a source of strength. Eloi Planes, at Esade Matins, explained: "Being four founding families has always been an advantage. It's enabled us to create a robust corporate structure and, although our governance has evolved, it's always had a robust, well-structured base."
For investors, the takeaway from these early decades is crucial: Fluidra's competitive position today rests on foundations laid over decades—manufacturing know-how, distribution networks, brand recognition, and governance structures that long predate its public listing. This isn't a company built on a single product or a venture-backed sprint to scale. It's an industrial franchise assembled brick by brick over half a century.
III. The Consolidation Era & IPO (2000-2007)
Creating a Corporate Structure
By 2000, the holding company structure was beginning to show its limitations. While governance was clear, the fragmented organization made it difficult to achieve economies of scale or present a unified face to global customers. A more radical consolidation was needed.
The Aquaria group was created as a corporation comprising the companies dedicated to the pool sector that were set up by the four founding families. Banco Sabadell acquired 20% of the company's share capital in the same year.
The Banco Sabadell investment was transformational. It provided growth capital, but more importantly, it brought institutional discipline and external oversight. A regional Spanish bank betting heavily on a pool equipment company signaled that this was a serious enterprise with genuine growth prospects.
Eloi Planes, son of founder Joan Planes, was emerging as the key leader of the second generation. The second generation of one of the founding families, Eloy Planes joined Fluidra (then "Astral") as Director of R&D in 1994 and, in 1998, was appointed the Director of Logistics and subsequently General Manager of AstralPool España.
In 2000, Eloi became the Managing Director of AstralPool and continued his work to expand the business in international markets. In 2002, the family group took a decisive step: under the leadership of Eloi Planes as Managing Director, the Fluidra group was created (under the name of Aquaria), which brought together the group's pool production and distribution companies.
The Acquisition Machine
With fresh capital and a unified corporate structure, Aquaria embarked on an aggressive consolidation strategy. The pool equipment industry was highly fragmented, with regional champions in each market who lacked the scale to invest in R&D or achieve manufacturing efficiencies.
Organic growth snowballed into Certikin and Manufacturas Gre acquisitions. Aquaria continued its progress with the acquisition of Certikin in the United Kingdom and Manufacturas Gre in Spain. Further openings also took place in Poland and Mexico.
The company's geographic footprint expanded rapidly across emerging markets as well. Subsidiaries opened in Hungary, Switzerland, Chile, Russia, Morocco, India, China, and Singapore. Each acquisition or market entry followed the same playbook: acquire or partner with local distribution, integrate manufacturing where possible, and extend the full Fluidra product portfolio into that market.
The World Championships Showcase
In 2003, Barcelona again placed Fluidra on the global stage. Aquaria was the Sponsor and official supplier of the 2003 World Swimming Championships in Barcelona.
In 2003 the company was responsible for the freestanding Olympic Skypool at the Palau Sant Jordi in Barcelona for the World Aquatics Championships. A floating pool inside an indoor arena—this was not just sponsorship but a demonstration of technical capability that few competitors could match.
Going Public
By 2007, the company was ready for the next step. Rebranded from Aquaria to Fluidra—a name suggesting fluidity and flow, applicable across all water-related markets—the company prepared for its public listing.
The company went public on the Spanish stock exchange in 2007. In the same year, Eloy Planes was appointed the CEO of the Fluidra group and oversaw some of the company's major milestones: its listing on the stock exchange in 2007.
The timing seemed perfect. European markets were booming. Credit was abundant. The construction industry was setting records. Pool installations were surging across Spain and its tourist destinations.
What no one could know in October 2007 was that within months, the global financial system would collapse, construction markets would crater, and Fluidra would face its first existential test as a public company.
IV. Surviving the Financial Crisis (2008-2017)
When the Music Stopped
The 2008-2009 financial crisis hit pool equipment manufacturers with particular brutality. Residential pools are expensive discretionary purchases, typically financed alongside new home construction or major renovations. When credit froze and housing markets collapsed, pool installations plummeted.
Spain suffered more than most. The Spanish property bubble, which had driven much of the Mediterranean pool market, burst spectacularly. Construction activity fell by more than 80% from peak to trough. Hotel and resort development—another major source of commercial pool demand—ground to a halt.
During the global financial crisis Fluidra restructured its activities in Europe and entered new foreign territories, creating an efficient and agile company.
Fluidra's response demonstrated the operational discipline that would become a company hallmark. Rather than retreat, management used the crisis to fundamentally restructure the business.
Its restructuring in 2008–09 saw the rapid internationalization of the sales division and the implementation of lean management in the group's industrial division.
The Lean Transformation
The crisis forced Fluidra to adopt manufacturing best practices that larger industrial companies had pioneered decades earlier. Lean management principles—eliminating waste, continuous improvement, flexible production—became embedded in the company's DNA.
This wasn't just about cutting costs during a downturn. The lean transformation positioned Fluidra to achieve superior margins when recovery came. By streamlining operations, the company could deliver better service at lower cost than fragmented competitors who had not faced the same imperative to modernize.
Geographic Diversification
Perhaps the most important strategic lesson from 2008-2009 was the danger of geographic concentration. Southern Europe had been Fluidra's core market, and Southern Europe was now in depression.
The company aggressively shifted focus toward North America, Australia, Asia, and the Middle East—regions where pool markets remained healthy or were growing. By the mid-2010s, Fluidra had transformed from a European company with global exports to a genuinely global company with historic roots in Europe.
The Zodiac Opportunity Emerges
Even in the depths of the crisis, Eloi Planes was thinking bigger. Planes said Fluidra began exploring a Zodiac merger in 2009, but then came the Great Recession. "[But] the industrial rationale of this merger is so evident that we've been talking about it for years."
Zodiac Pool Solutions was the giant of North American pool equipment, with heritage brands including Polaris, Jandy, and the Zodiac name itself—brands that dated back more than a century. Zodiac, a Rhône Capital portfolio company, was a global manufacturer of residential pool equipment and connected pool solutions. The company has a rich heritage of innovation excellence dating back more than 100 years, and markets its product lines under the leading brand names of Zodiac®, Polaris®, Jandy® Pro Series, Nature2®, Caretaker™, SAVI®, Grand Effects® and Cover-Pools®.
Zodiac was strong where Fluidra was weak (North America), and Fluidra was strong where Zodiac was weak (Europe, Australia, Asia). The merger logic was obvious, but the timing wasn't right during the crisis.
Private Equity's Role
Equity for the investment, originally made in 2006, came from Carlyle Europe Partners II & III. The Carlyle Group had owned Zodiac since acquiring Jandy in 2006 and Zodiac in 2007.
In October 2016, RhĂ´ne Group entered into an agreement to acquire Zodiac Pool Solutions from the Carlyle Group including its global pool business and family of premium brands. Financial terms of the agreement were not disclosed.
Bruce Brooks, Zodiac's CEO since 2011, said: "Based on our strong financial performance and growth over the past three years, culminating in a record year in 2016, the timing was right for new investment from a new partner."
With RhĂ´ne Capital now controlling Zodiac, the stage was set for the transaction that would reshape the global pool industry.
V. The Zodiac Merger: Creating a Global Champion (2017-2019)
A Deal Eight Years in the Making
On November 3, 2017, Fluidra announced the merger that Eloi Planes had been contemplating since 2009. Fluidra, S.A. agreed to acquire Zodiac Pool Solutions SAS from Rhone Capital, L.L.C. for approximately €720 million on November 3, 2017.
"If we now look at the market, we will see that, until [the agreement], there wasn't truly a global leader," said Eloi Planes, executive president of Fluidra. "This merger … is the most complementary and truly creates this global leader."
The Strategic Logic
The merger's strategic rationale was crystalline: combine two companies with almost perfectly complementary geographic footprints.
Zodiac brings to the merger its strong position in North America and a dedicated focus on residential pool solutions, while Fluidra brings its strength in Europe, Australia, Asia, South America and Africa, plus a product portfolio that includes commercial as well as residential pool products. Combining these complementary geographical strengths and areas of expertise will result in a new organization able to offer innovative solutions on a global basis for the total pool market – from residential to commercial projects.
Consider what this meant in practice. Before the merger, Fluidra had limited presence in the world's largest pool market (the United States, with approximately 8.5 million installed residential pools). Zodiac had limited presence in Europe, Australia, or emerging markets. Neither could offer truly global distribution to major commercial clients.
Together, they could serve any customer anywhere with a full product portfolio.
The Brand Arsenal
Fluidra is a multinational, Spanish-listed company focused on developing innovative products, services and IoT solutions for the residential and commercial pool markets, globally. The company operates in over 45 countries and owns a portfolio of some of the industry's most recognized and trusted brands, including Jandy®, AstralPool®, Polaris®, Cepex®, Zodiac®, CTX Professional® and Gre®.
This brand consolidation created formidable competitive advantages. Pool professionals—the contractors, retailers, and service technicians who drive most purchase decisions—tend to be loyal to specific brands. By acquiring the leading brands across every major market, Fluidra locked in distribution relationships that would take competitors decades to replicate.
Governance and Ownership
The merger's structure carefully balanced the interests of Fluidra's founding families with the financial objectives of RhĂ´ne Capital.
In connection with the transaction, Fluidra's founding families have entered into a shareholders' agreement with affiliates of RhĂ´ne Capital, current equity holders of Zodiac; these parties will respectively hold 29 percent and 42 percent of the combined company's shares at closing. This stable group of core shareholders is focused on value creation going forward and has agreed to customary share transfer restrictions.
Fluidra Executive President Eloi Planes will serve as Executive Chairman of its Board of Directors, while Zodiac CEO Bruce Brooks will serve as the company's CEO.
This dual leadership structure—Planes as Chairman, Brooks as CEO—preserved continuity for both organizations while leveraging the complementary strengths of European and American management.
Regulatory Approval and Completion
As on April 19, 2018, the Australian Competition and Consumer Commission approved the merger. As of June 27, 2018, the transaction was conditionally approved by European Commission.
As part of the European Commission approval of the transaction, Fluidra divested its Aquatron unit. Aquatron, an Israeli manufacturer specializing in robotic pool cleaners with distribution primarily in Europe, represents approximately 2% of the combined company's sales and EBITDA. This divestiture does not change the strategic logic of the merger.
Fluidra, S.A. (BME:FDR) completed the acquisition of Zodiac Pool Solutions SAS from Rhone Capital, L.L.C. on July 2, 2018.
The Combined Entity
The new Fluidra will be a global leader with 5,500 employees, a portfolio of the most widely recognized brands in the industry and a presence in over 45 countries.
The new Fluidra will have combined sales and EBITDA of approximately €1.3 billion and €0.2 billion, respectively. Additionally, the company has identified €35 million of run rate cost synergies, which it expects to be fully achievable by 2020.
The synergy targets would prove conservative. Integration proceeded smoothly, aided by the genuinely complementary nature of the two businesses—few redundant operations meant fewer painful decisions about which facilities or teams to eliminate.
Former Fluidra executive president Eloi Planes will serve as executive chairman of its board of directors, and former Zodiac CEO Bruce Brooks will serve as the new company's CEO. "It truly is a merger of equals, however way you look at it," Franzen says.
VI. Integration Success & Pre-Pandemic Performance (2019-2020)
First Full Year Results
The first complete year as a combined entity demonstrated that the merger thesis was working.
The company closed 2019 with sales growth across all geographies. North America, representing 31% of total sales, emerged as the growth engine that the Zodiac combination was designed to capture.
Synergy Realization
Cost synergies exceeded initial projections. The company revised targets upward by €5 million to €40 million, with clear visibility toward additional sales synergies reaching nearly €60 million by 2022.
The integration playbook was straightforward but required disciplined execution: - Consolidate overlapping distribution facilities - Rationalize the product portfolio where competing brands addressed identical customer needs - Leverage combined purchasing power with suppliers - Unify IT systems and back-office functions
Each of these initiatives generated measurable savings while the revenue growth from cross-selling and geographic expansion exceeded expectations.
The Business Model Coming into Focus
By early 2020, Fluidra's equity story was crystallizing into a compelling narrative for investors. The pool equipment industry possessed characteristics that made it far more attractive than its unglamorous reputation suggested.
Recurring Revenue from Aftermarket: Once a pool is installed, it requires continuous maintenance—pumps wear out, filters need replacement, chemicals must be replenished. Approximately 70-80% of Fluidra's revenue comes from aftermarket sales to the installed base rather than new pool construction.
Growing Installed Base: Every new pool becomes a future aftermarket customer. The pandemic-driven surge in pool construction would dramatically expand this captive revenue stream.
Pricing Power: Pool professionals recommend specific brands to homeowners, and homeowners rarely comparison-shop for pool pumps the way they might for consumer electronics. Brand loyalty and professional relationships insulate pricing from commoditization.
Fragmented Competition: While Fluidra and a handful of major players (Pentair, Hayward) compete at the global level, most markets remain populated by regional and local players who lack scale for R&D investment or manufacturing efficiency.
Technology Transition: Like HVAC and other home systems, pool equipment is shifting from dumb mechanical products to connected, smart devices. This transition enables premium pricing, recurring software/service revenue, and competitive differentiation for companies that invest in R&D.
The stage was set for Fluidra to demonstrate the resilience of this business model—but the test would come from the most unexpected direction.
VII. The COVID Pool Boom (2020-2022)
Initial Shock and Recovery
When COVID-19 emerged in early 2020, pool equipment seemed certain to suffer. Construction would halt. Discretionary spending would collapse. Hospitality would crater.
While Fluidra's results up to February were off to a strong start, they have seen that confinement measures have slowed down business in some of the areas where they have been implemented. As a consequence, Fluidra is withdrawing its previously communicated guidance for 2020. The evolution of the situation is currently too unpredictable to accurately assess the full year impact of the pandemic.
Management prepared for the worst. The Board of Directors decided to put on hold any dividend distribution. The Board of Directors, the Executive Chairman and the CEO agreed to lower their remuneration by 30% for this period.
But something unexpected happened.
The Cocooning Effect
As lockdowns forced families to stay home, backyards suddenly became the center of daily life. For affluent households—precisely Fluidra's core customer base—a swimming pool transformed from a luxury to an essential amenity for fitness, entertainment, and mental health.
In terms of the company's business units, Residential Pool sales were up 6.3% in the first six months of the year, boosted by the cocooning effect (the stay-at-home trend), which led to 9.6% growth in the second quarter, especially in the product categories representing above ground pools, automatic cleaners and heaters.
According to Fluidra's Executive Chairman Eloi Planes, "We are a stronger company today, we have proven that we can react in difficult times and deliver positive results. Even though the pandemic has created a dynamic and volatile world that calls for prudence, our prospects for the full year are promising."
An Extraordinary 2020
What began as pandemic survival turned into record performance.
Fluidra, a global leader in pool and wellness equipment, closed 2020 with its best results ever. The company ended the year with sales of 1,488 million euros, up 8.8% and 11.0% on constant FX and perimeter compared to 2019, driven by the high demand in Residential Pool. Net profits stood at 96 million euros, more than 11 times higher than in 2019, when they were affected by merger related non-recurring expenses.
2021: The Boom Accelerates
If 2020 was surprising, 2021 was extraordinary. The pool construction backlog that had built during lockdowns began converting to revenue. Homeowners who had delayed upgrades rushed to improve their outdoor spaces. And commercial pool operators, reopening after months of closure, invested in renovations and equipment replacement.
Spain's Fluidra, the world's largest maker of swimming pool equipment, said on Monday its 2021 net profit more than doubled to 252.4 million euros ($282.3 million) as COVID restrictions boosted demand.
Fluidra, the global leader in equipment and connected solutions in the pool and wellness sector, closed 2021 with its best results ever. The company ended the year with sales of 2,187 million euros, up 47% compared to 2020, driven by continued demand momentum in Residential Pool and M&A, which contributed c.11%. Net Profit reached 252 million euros, a 162% up from 2020.
Excellent operating leverage led to 350bps of EBITDA margin expansion, ending the year with 25.1% EBITDA margin and 549 million euros of EBITDA, a 71% increase from 2020.
"2021 was an extraordinary year," Chief Executive Bruce Brooks told Reuters, adding that its construction backlog remained strong, with some builders already booked for the whole year. "It is a signal that pools are still very attractive in this hybrid environment of working from home and the office, that the cocooning effect is still there."
North America's Surge
The most dramatic gains came from precisely the region that the Zodiac merger was designed to capture.
In terms of geographical areas, annual growth was led by North America, which delivered an exceptional increase of 83% in 2021. Southern Europe was up 31% and the Rest of Europe 33%, while the Rest of the World witnessed a 22% growth.
The Zodiac merger had been structured and executed years before anyone could have anticipated COVID-19. Yet it positioned Fluidra perfectly to capture the largest pool boom in decades, concentrated in the world's largest market.
IBEX 35 Recognition
In 2021, Fluidra entered the IBEX-35 and closed an historic year reaching an income of over 2 billion euros.
Entry into Spain's benchmark index—joining the ranks of Inditex, Telefónica, and the major Spanish banks—symbolized Fluidra's transformation from family-owned industrial company to global corporate champion.
Strategic Acquisitions
Even while navigating extraordinary demand, management continued the acquisition program. The Barcelona-based company has set up slower sales growth targets for 2022 though it said it has a "solid base" for the year thanks to the growing demand and the impact of its intense expansion process after it acquired five companies last year for a total of 494 million euros.
VIII. Normalization & Simplification (2022-Present)
The Inevitable Correction
No boom lasts forever. By late 2022, the distortions created by pandemic demand were unwinding.
The company's financial performance was affected in the short term by a higher than expected channel inventory correction in a more uncertain economic environment. Supply chain disruptions coupled with accelerated demand in 2020 and 2021 generated high stock levels along the supply chain. Inflation further accelerated the inventory build-up as, particularly in North America, distribution bought additional stock to beat price increases. Fluidra is now seeing a normalization of inventory levels along the supply chain.
Fluidra's net profit fell 37% to 160 million euros ($168.51 million) in 2022, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) dropped 6.8% to 512 million euros due to "inflationary pressures".
The world's largest maker of swimming pool equipment was one of the winners of the pandemic lockdowns in 2020 as it benefited from wealthy customers' appetite for buying or upgrading pools, but it downgraded its outlook in October and now expects a business contraction due to "the normalization of the sector".
The Simplification Program
Management's response to normalization demonstrated strategic discipline. Rather than simply wait for demand to recover, Fluidra launched an ambitious cost restructuring initiative.
Fluidra has revised upwards the target of its simplification program, which is currently being implemented, and is now expected to deliver 100 million euros of savings over the next three years, anticipating to reach one third of them in 2023. This program focuses on redesigning its product offering to deliver cost benefits, streamlining the operations to be more efficient and simplifying the organization.
The Simplification Program to drive a more efficient organisation and deliver margin expansion is on track. Cumulative savings since it was launched two years ago amounted to €68 million by the end of 2024. The program is expected to reach its goal of a total of €100 million savings, with global strategic procurement efforts and product design-to-value initiatives as the main value drivers.
2023-2024: Back to Growth
The revenue of Fluidra with headquarters in Spain amounted to 2.05 billion euros in 2023.
Full year 2024 sales reached €2.102 billion, a 3% increase year-over-year. Adjusted EBITDA grew by 8% to €477 million, with an EBITDA margin of 23%. The company achieved a 21% increase in net profit, amounting to €233 million.
2024 was a year of consolidation and growth for Fluidra. After a period of market normalization, we demonstrated strong performance. We are back on the path to growth and well-positioned to move toward a new phase of development.
Leadership Transition
On 20 May 2024, Fluidra announced the appointment of Jaime Ramirez as Chief Executive Officer.
Born in 1967, Jaime RamĂrez joined Fluidra on June 1, 2024, assuming the role of CEO, succeeding Bruce Brooks. He brings over 30 years of P&L responsibility and a proven track record in driving growth, with extensive experience and a strong background in the global consumer and industrial products sector. His previous roles include Executive Vice President and President of Stanley Black & Decker Inc. for the global Tools and Storage business, where he oversaw more than $10 billion in revenue and led high-performing teams worldwide.
The selection of RamĂrez—an executive with deep experience in industrial products, distribution, and global operations at a much larger scale—signals ambitions beyond steady-state growth.
2025: Continued Momentum
Fluidra achieved sales of €564 million in the first quarter of 2025, up 7% year-on-year with growth across all regions mainly driven by higher volumes together with positive contribution of pricing and prior year acquisitions. Adjusted EBITDA was up 10% year-on-year to €131 million, representing a 23% margin.
We delivered a strong Q1 performance with sales up 7% and growth across all regions in a dynamic environment. This is our third consecutive quarter with year-on-year volumes growth, which is strongly up in North America and also growing in Europe. We are clearly outperforming the market.
Digital Strategy and Innovation
Fluidra continues to invest in digital transformation and connected products. The acquisition of Pooltrackr exemplifies this strategy.
Fluidra, a global leader in equipment and connected solutions for the pool and wellness sector, has acquired 100% of Pooltrackr, a best-in-class Software-as-a-Service (SaaS) platform that streamlines every aspect of operations for pool and spa retail and service professionals. This acquisition reinforces Fluidra's commitment to digital innovation and marks another key milestone in delivering on the company's strategic plan.
In 2025, Fluidra S.A. announced a strategic investment of $100 million for a 27% stake in Aiper. It will leverage the two companies' combined strengths to grow the overall cleaning market and customer base.
This $100 million investment represents the largest single funding deal in the global robotic pool cleaners market to date, positioning Fluidra at the cutting edge of pool automation technology.
IX. Business Model Deep Dive: Why Pool Equipment is a Great Business
The Hidden Quality of the Pool Industry
To the casual observer, pool equipment seems like a dull, cyclical business tied to construction and consumer discretionary spending. The reality is far more interesting.
The pool equipment industry shares characteristics with some of the most attractive franchise businesses: recurring revenue, pricing power, growing installed base, professional intermediaries who drive purchasing decisions, and technology transitions that reward R&D investment.
Revenue Composition
Understanding Fluidra's revenue mix is essential for evaluating the business quality:
- Residential Pool Equipment: Approximately 70% of sales
- Pool Water Treatment: Approximately 14% of sales
- Commercial Pool: Approximately 7% of sales
- Other (Irrigation, Fluid Handling): Remaining balance
Within these categories, the critical distinction is between: - New Construction/Remodel: One-time revenue from new pool builds or major renovations - Aftermarket/Maintenance: Recurring revenue from replacement parts, chemicals, and service
The pool and wellness industry serves close to 16 million residential in-ground pools globally, with this installed base creating a strong, resilient base of activity, both for the sales of equipment and water treatment products.
The Aftermarket Advantage
The aftermarket business creates a flywheel effect. Every new pool installed becomes a captive customer for replacement parts, chemicals, and upgrades for the 20-30 year life of the pool. Pool pumps typically last 8-10 years. Filters require regular replacement. Chemicals must be replenished weekly during swimming season.
This means that even during construction downturns, the installed base continues generating demand. The pandemic demonstrated this dramatically—while new construction slowed initially, aftermarket demand for existing pools surged as homeowners spent more time at home.
Product Portfolio Depth
The company provides basic equipment, which includes pumps, valves, filters, heaters, ladders, showers, grates, lights, and cleaning accessories; specialized equipment, such as robotic cleaners, pool covers, fire and water features, slides, diving boards, and connected products; spare parts; and above-ground pools.
This breadth means Fluidra can serve any pool-related need rather than competing for individual product categories. A contractor installing a new pool can source everything from a single vendor, simplifying procurement and building relationship stickiness.
Competitive Landscape
Top equipment suppliers such as Fluidra and Pentair control just under half of global pump, filter, and heater sales, benefiting from extensive distributor networks and R&D pipelines focused on sensor-embedded devices.
The swimming pool equipment market is highly competitive, with key players including Pentair, Hayward Pool Products, and Fluidra leading in innovation and market share. These companies dominate with a wide range of products and advanced technologies, such as energy-efficient pumps and smart automation systems.
The "Big Three" manufacturers—Fluidra, Pentair, and Hayward—compete primarily on product quality, brand reputation, dealer relationships, and innovation rather than price. Pool professionals recommend specific brands to homeowners, and switching costs are high once contractors are trained on particular product lines.
Market Size and Growth
According to Energy Star, nearly 8.5 million residential pools are installed across the US, and around 200,000 new pools are built annually in the country. This resulted in increasing demand for pool equipment across the region.
North America holds a dominant share of around 70% in the Global Pool Equipment Market. The extensive presence of well-established swimming pool infrastructure and the growing number of pool equipment manufacturing units across the region are a few factors contributing to the market growth.
Technology and Sustainability Tailwinds
Several secular trends support continued growth:
Energy Efficiency: Variable-speed pumps can reduce energy consumption by up to 90%, creating strong replacement demand and regulatory tailwinds as older single-speed pumps are phased out.
Smart/Connected Products: IoT-enabled pool systems allow remote monitoring and management, commanding premium prices and creating opportunities for recurring software revenue.
Water Conservation: Drought conditions in key markets (California, Mediterranean Europe, Australia) drive demand for water-efficient equipment and pool covers.
Sustainability Regulations: European and California regulations increasingly mandate energy-efficient pool equipment, accelerating replacement cycles.
X. Competitive Analysis: Porter's Five Forces & Helmer's Seven Powers
Porter's Five Forces
Threat of New Entrants: LOW - High capital requirements for manufacturing - Decades-long brand-building with professional installers - Global distribution networks impossible to replicate quickly - R&D investments in connected products create technological moats
Supplier Power: LOW TO MODERATE - Raw materials (plastics, metals, electronics) are commodity inputs - Fluidra's scale provides negotiating leverage - Backward integration capabilities demonstrated through manufacturing
Buyer Power: MODERATE - Professional installers are concentrated and influential - However, brand loyalty and training create switching costs - Homeowners rarely comparison-shop pool equipment
Threat of Substitutes: LOW - No substitute for pool equipment in pool maintenance - Hot tubs, above-ground pools, and swim spas are complements not substitutes - Fluidra participates across all aquatic categories
Competitive Rivalry: MODERATE TO HIGH - Oligopolistic market with three major players (Fluidra, Pentair, Hayward) - Competition on quality and innovation rather than price - Fragmented regional players provide acquisition opportunities
Helmer's Seven Powers
1. Scale Economies: Fluidra's global manufacturing footprint enables cost advantages versus regional players. Procurement leverage across €2+ billion in annual spending creates sustainable cost advantages.
2. Network Effects: Limited direct network effects, but dealer training and certification create ecosystem lock-in. Pool professionals trained on Fluidra products are reluctant to switch.
3. Counter-Positioning: The Zodiac merger represented counter-positioning—combining geographic strengths that competitors cannot easily replicate. The acquisition of Pool Professional tools (Pooltrackr) positions Fluidra to capture the digitalization of pool service, a transition that traditional manufacturers may resist.
4. Switching Costs: High for professional installers who must learn new products, maintain inventory, and build customer relationships around specific brands. Moderate for consumers replacing existing equipment.
5. Branding: Multi-generational brand heritage (Zodiac, Polaris, Jandy brands date back decades or longer). Pool professionals trust and recommend familiar brands.
6. Cornered Resource: Manufacturing facilities in key markets (Spain, France, USA, Australia) with skilled workforces. Acquired brand portfolios that cannot be replicated.
7. Process Power: Lean manufacturing and simplification program capabilities demonstrated through margin expansion. Integration expertise proven through successful Zodiac combination.
XI. Investment Considerations
Bull Case
1. Structural Industry Tailwinds: The pandemic permanently elevated the importance of outdoor living spaces. Pools installed during 2020-2022 will generate aftermarket revenue for decades.
2. Margin Expansion Runway: The Simplification Program is targeting €100 million in savings. Continued operating leverage as volumes recover could drive margins toward mid-20s percentages.
3. Digital Transformation Leadership: Investments in connected products and pool professional software position Fluidra to capture recurring software revenue and data-driven services.
4. Acquisition Opportunities: Fragmented industry provides continued roll-up potential at attractive valuations.
5. Energy Efficiency Regulations: Mandated replacement of inefficient equipment accelerates upgrade cycles and supports premium pricing for advanced products.
Bear Case
1. Cyclicality Risk: Despite aftermarket resilience, new construction remains tied to housing market health. Interest rate increases pressure discretionary spending.
2. Normalization Complete?: The 2020-2022 boom may have pulled forward years of demand. The installed base expanded dramatically, but replacement cycles for that equipment are years away.
3. Competition from China: Low-cost Asian manufacturers, particularly in robotic cleaners, could pressure margins. The Aiper investment may be defensive as much as offensive.
4. Tariff and Trade Risks: Chinese import tariffs surged to 145%, with total projected costs reaching €50 million from April to December 2025. This shifts the geographic risk from Mexico (initially anticipated) to China.
5. Climate Risks: Water scarcity in key markets (California, Mediterranean) could restrict new pool construction through regulations or social pressure.
Myth vs. Reality
MYTH: Pool equipment is a boring, low-margin commodity business. REALITY: Leading pool equipment manufacturers earn EBITDA margins above 20%, enjoy significant recurring revenue from aftermarket, and possess pricing power through professional relationships.
MYTH: The pandemic boom was a one-time event that has fully normalized. REALITY: While new construction has slowed, millions of pools installed during 2020-2022 created a permanent expansion of the aftermarket opportunity. Every pool is a 25-year customer.
MYTH: Fluidra is a Spanish company dependent on European demand. REALITY: North America now represents the largest single market, and geographic diversification across 45+ countries reduces regional concentration risk.
XII. Key Metrics to Watch
For long-term fundamental investors, three KPIs capture Fluidra's operational health and strategic progress:
1. Aftermarket Revenue as % of Total Revenue
This metric reveals the quality of Fluidra's revenue stream. Higher aftermarket percentage indicates greater resilience, predictability, and recurring revenue characteristics. The pandemic surge in new construction temporarily diluted this ratio; normalization should see it climb back toward 75-80% of residential pool revenue.
2. EBITDA Margin Progression
The Simplification Program's success shows up directly in margin expansion. Management has targeted 23%+ margins, with potential for further improvement as procurement savings accumulate and product mix shifts toward higher-margin connected devices.
3. North America Volume Growth
As the largest pool market globally and Fluidra's highest-growth region post-Zodiac, North American volumes indicate whether market share gains are sustainable and whether the merger thesis continues to deliver.
XIII. Conclusion: The Pool of the Future
The story of Fluidra is the story of patient capital deployed wisely across generations. Four families who began fabricating metal components in Franco-era Spain have built a global industrial champion with leadership positions across every major pool market.
The COVID-19 pandemic was, paradoxically, both the greatest test and the greatest validation of the business model. Fluidra proved resilient when initial lockdowns threatened construction, then captured extraordinary demand as backyards became essential living spaces.
Looking forward, the fundamental attractiveness of the pool equipment business remains intact. The installed base of pools continues expanding. Technology transitions toward connected, energy-efficient equipment create upgrade cycles and premium pricing opportunities. The fragmented industry structure offers continued consolidation possibilities.
Looking ahead to 2035, the CEO underlined the robustness of the pool sector: "It's a structurally sound, growth market."
During the session, Planes also paid tribute to the legacy of his father, Joan Planes, the founder and honorary president of Fluidra, who recently passed away. "His legacy is important, but what I'm most proud of is how it has been conveyed to the family and the fact that the company is able to continue forging ahead on its own."
That ability—to transition leadership across generations while maintaining strategic clarity—may be Fluidra's most valuable asset of all. The founding families built something durable. The question now is whether the next generation of leadership can extend that legacy into a future of connected pools, sustainable water management, and continued global expansion.
From a small metal workshop in Barcelona to the world's largest pool equipment company—Fluidra's journey offers a masterclass in patient industrial capitalism, the power of strategic M&A, and the hidden value in seemingly mundane consumer infrastructure.
"For me, Fluidra is like a Netflix series with significant developments at the beginning and the end."
The series continues.
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