A group led by private equity firm L Catterton has entered a definitive agreement to acquire Leslie's Holdings, a retailer of swimming pool and spa supplies and services.

An affiliate of global investment firm GIC is also planning to make a substantial investment in Leslie's.

Financial details of the acquisition have not been disclosed.

"They clearly distinguish themselves with their growth-oriented focus and their deep understanding of our brand and our consumer."

Leslie's chairman and chief executive officer Larry Hayward said: "We are thrilled to partner with L Catterton, which brings deep retail expertise, brand building experience and an outstanding track record of growing consumer businesses.

"L Catterton's partnership approach with management to create long-term value is highly attractive to the Leslie's team. They clearly distinguish themselves with their growth-oriented focus and their deep understanding of our brand and our consumer.

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"Together with the support of our new partners, we look forward to enhancing Leslie's online and brick and mortar experience, while continuing to provide comprehensive, high-quality products and services to our ever-growing customer base."

Founded in 1963, Leslie's currently operates more than 890 retail stores and 30,000 SKUs in the US.

The retailer offers supplies, chemicals, equipment, floats and toys for swimming pools and spas.

The acquisition is expected to enhance Leslie's national footprint, as well as its in-store and online customer experience.

According to L Catterton, Leslie's complements its strategy to develop businesses that are based on consumer demand. The firm added that the omnichannel platform of the retailer enables it to connect with customers at every point of sale.