UNITED AQUA LTD

Thesis

United Aqua Group (UAG), founded in 1963 and headquartered in Las Vegas, Nevada, operates primarily as a group purchasing organization (GPO) and membership-based platform for the pool and spa industry. Its core strategy involves leveraging the collective buying power of its members, which include residential and commercial pool builders, retailers, and service companies, to negotiate better pricing, discounts, rebates, and rewards with vendors. UAG also engages in investment activities through UAG Holdings, established in 2015, to invest in private equity firms and acquisitions. Furthermore, the Innovation Tank division manages a $10 million fund dedicated to investing in entrepreneurial ideas within the industry. While specific AUM for UAG's investment activities is not public, the Innovation Tank fund is $10 million. UAG does not make traditional check-size investments but facilitates bulk purchasing for its members, enabling significant cost savings. In a significant development in January 2026, Tenex Capital Management combined UAG and Blue Haven Pools to form Aqua Alliance, a new pool industry platform.