S.R. Smith, manufacturer of pool deck supplies, lighting and access products, recently announced the acquisition of Inter-Fab, maker of in-pool furniture and deck supplies.
“We are optimistic about the future and believe the combination of S.R. Smith and Inter-Fab creates a stronger company that will bring new ideas and products to the industry,” said Rich Laitta, president and CEO of S.R. Smith.
This is S.R. Smith’s fifth acquisition in nine years. Laitta said his company purchased Inter-Fab because of its focus on new product development and similar go-to-market strategy.
The deal closed early August and includes all of Inter-Fab’s assets, except its deck-mounted pool slides, which have been discontinued. S.R. Smith cited production and maintenance costs in its decision not to acquire the line. Instead, the company will focus on Inter-Fab’s landscape slide line, an area S.R. Smith leadership believes is growing.
“Since S.R. Smith and Inter-Fab have significant overlap in the deck-mounted slide category, it made sense to immediately consolidate that product line and focus on the growth potential of the landscape slide business,” Laitta said.
Canby, Ore.-based S.R. Smith also will retain 125 Inter-Fab employees at the manufacturer’s Tucson, Ariz. headquarters and Memphis, Tenn. warehouse. The company plans to keep both facilities open for the foreseeable future to accommodate customer demand. With the new addition, S.R. Smith now has four manufacturing and distributing facilities in North America. Its fourth facility is located in Portland, Tenn.
Inter-Fab president Mike Hagerty said the decision to sell came as he is getting close to retirement. He has been with the company for 30 years, helping build it from a startup to the business it is today.
“I determined within the past year that this is a window of opportunity when selling a relatively small, profitable and successful business makes sense,” Hagerty said. “The capital markets are right for such an opportunity. That, coupled with the fact that I’m approaching retirement age, influenced my decision to sell.”
S.R. Smith currently has no plans to discontinue any products besides the deck-mounted slides. And for the time being, Inter-Fab products will retain their brand, Laitta said. However, they may consolidate product portfolios as it observes customer behavior.
“We are going to let customers decide which product they want to purchase,” Laitta said.
Inter-Fab customers can continue to buy the manufacturer’s catalog of products, except deck-mounted slides, through their normal channels.
A small business formed by Hagerty and operated by a few former Inter-Fab employees will serve the needs of customers with existing deck-mounted slides. Those with questions about the discontinued slides can go to ifideckslidewarranty.com for warranty, customer service, parts and accessories for the Adrenaline, City 2, G-Force 2, White Water, Wild Ride, XStream 2 and Zoomerang slides.
To ensure a smooth transition, Hagerty said he will remain involved as a consultant for S.R. Smith under a contract for about six to nine months. When asked why he selected S.R. Smith as the buyer, Hagerty said there’s a lot of synergy between the companies.
“I believe the culture of Inter-Fab will blend in with S. R. Smith, and together the company will innovate, grow and prosper for the good of the industry,” he said.
S.R. Smith was founded in 1932 by Samuel Robert Smith, who originally made diving boards out of Oregon’s Douglas fir timber. Today, the company has several hundred employees. In addition to its four North American facilities, S.R. Smith also has a location in Brisbane, Australia.
