At a conference organized by the IQS Business Foundation entitled “Fluidra, from Local Vision to Global Leadership: Strategy, Innovation, and Sustainable Growth,” the company’s president, Eloi Planes Corts, shared some of the key moments in the trajectory of the company, now listed on the IBEX-35, with attendees.
What can we learn from the history of a company like Fluidra, a global leader in the swimming pool sector with annual turnover exceeding 2.2 billion euros? The answer was provided by Planes himself during his presentation at IQS, and could be summarized in three essential concepts: passion for work, flexibility when facing changes, and ongoing learning.
Planes explained that Fluidra was founded in 1969 by four partners, one of whom was his father, an industrial engineer by profession. “The company achieved rapid growth and, in fact, had already opened international offices by the 1970s, something uncommon at the time, as a result of the partners’ strong entrepreneurial character.”
In addition to the founding impetus, the company went through several key moments, such as Banc Sabadell taking shares in the company’s capital in 2000. “The bank’s entry helped in different aspects, for example, by facilitating inorganic growth.”
Going Public: From Initial Shock to Navigating Moments of Crisis
Another key moment in Fluidra’s trajectory was the company’s entry to the stock market. Planes recounted the circumstances in which it occurred: “I had taken on leadership of the group a few years earlier and we were about to close a sale transaction with some American companies. After three months of negotiations, during a conversation with my father, I told him that what I wanted was to go public. My father looked at me and asked: who do you think you are to decide that? It’s the partners who must decide.” Planes continued, “that lesson was a great learning experience for me: being an executive is one thing, having the full weight of decisions is another.”
Finally, the stock market launch became a reality in 2007. Another key moment in Fluidra’s history began at this point, as the start of trading coincided with the global market crash and, shortly afterwards, with the beginning of the financial crisis, which lasted from approximately 2008 to 2012. “As a manager, that was also an extraordinary learning experience.”
During that period, the struggle greatly entailed generating cash flow. “Great work was done. Bear in mind that companies die from balance sheets, not so much from profit and loss accounts. In any case, they were really challenging years with enormous transformation for the company,” he added.
The Decisive Zodiac Transaction
Another key moment was the period from 2016-2017, when the opportunity arose to carry out an ambitious but risky corporate transaction: the merger with Zodiac, a company of similar size to Fluidra at the time. “That positioned us as global leaders, but at the same time this transaction left the families with a much smaller share. I thought it would generate a certain amount of resistance, but the lesson was that, when agreements are properly tied up, it’s also good for the partners. We put the company’s project ahead of our fears.”
Generational Transition
Regarding the generational handover, Planes highlighted four key aspects: first, that with four partners, the company’s governance had to be well structured from the beginning; second, there was always a shared vision, which sometimes means seeking consensus; third, there has always been solid, recognized, and unquestioned leadership. And the final key is that the tree must be watered with money, looking long-term and generating value for shareholders.
At this point, Planes underscored certain values that he considers essential for successful evolution: ambition, courage, humility, and ethics.
Uncertainty and Future Challenges
What does the future offer us and, in particular, what will it offer a company like Fluidra? Planes was optimistic: “we see great potential; on the one hand, through the opportunities that connectivity offers us (remotely monitoring pools, interacting with users, sophisticated pool management, etc.). On the other hand, through energy and water efficiency: a great technological opportunity, which already exists, is reducing energy consumption by up to 70% and water consumption by up to 92%. We have the potential ahead of us to double the size of the company.”
However, he recalled that we live in a time of great uncertainty and complexity, the famous VUCA. “This is the world we’ve had to live in. It requires a really high level of resolve along with flexibility, both personally and in business.”
Finally, Planes specified two major challenges: “the sophistication of engineering software allows us to sell services, not just products. The other challenge is remaining true to the company itself and to the initial dreams that led to the creation of the business.” With this final statement, Planes came back to the point with which he opened the conference: the power of dreams.