Pool equipment suppler Hayward slides on secondary offering

Hayward Holdings

02/03/2023 14:26

** Hayward Holdings Inc's  HAYW.N  shares down 6.8% at
$11.33 premarket after secondary offering prices
    ** Pool equipment supplier announces 16 mln shares sold by
CCMP Capital Advisors and Alberta Investment Management
Corporation at $11.65, 4.2% discount to last sale
    ** Offering takes private equity firm CCMP's stake from ~20%
to ~15%, and Alberta's ownership from ~11% to ~8%
    ** HAYW has ~212.6 mln shares outstanding
    ** Goldman Sachs sole underwriter for offering
    ** Co early Tues reported Q4 net sales fell 27% yr/yr to
$259 mln and adj EPS of 11 cents, and for 2023 expects net sales
to decrease 18%-22%
    ** Through Weds close, HAYW shares have gained 29% YTD, but
are off ~31% over the past year
    

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))