Leslie's (LESL) 13G/A: Clarkston Group Reports 80,000 Shares

Filing: Schedule 13G/A by Clarkston Capital Partners, Clarkston Companies, Modell Capital LLC and individuals reporting beneficial ownership of Leslie's, Inc. common stock (CUSIP 527064109).

Rhea-AI Filing Summary

Filing: Schedule 13G/A by Clarkston Capital Partners, Clarkston Companies, Modell Capital LLC and individuals reporting beneficial ownership of Leslie's, Inc. common stock (CUSIP 527064109).

Key facts: Reporting persons jointly report 80,000 shares, representing 0.04% of 185,421,657 shares outstanding as of 05/02/2025. Date of event requiring filing: 07/31/2025; signatures dated 08/04/2025. Each reporting person discloses sole voting and sole dispositive power over 80,000 shares and no shared powers. The filing includes a Joint Filing Agreement (Exhibit 99.1). Item 10 certification states the shares were acquired in the ordinary course and not to influence control. CCP notes purchases were on behalf of discretionary clients or a control-person account, with clients' rights subject to CCP's authority.

Insights

Financial Analyst

TL;DR: Reported stake is immaterial to valuation or control—80,000 shares (0.04%).

The filing discloses a small, passive economic interest of 80,000 shares equal to 0.04% of outstanding common stock (185,421,657 shares as of 05/02/2025). The reporting persons assert sole voting and dispositive power over those shares and certify acquisition in the ordinary course with no intent to change control. From an investor-analysis perspective, this holding is non-material to Leslie's capital structure, liquidity or earnings per share metrics.

Corporate Governance Expert

TL;DR: Joint filing plus Item 10 certification indicate no governance action or control effort.

The schedule is filed jointly (Exhibit 99.1) by CCP, CC, MC and three individuals and reports sole voting/dispositive power for 80,000 shares and no shared power. Item 10 explicitly states the securities were acquired in the ordinary course and not to influence control. Based only on the filing, there is no indication of a coordinated governance campaign or intent to nominate directors or alter control.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Schedule 13G/A filed for Leslie's (LESL) report?

The filing reports that Clarkston Capital Partners, Clarkston Companies, Modell Capital LLC and three individuals beneficially own 80,000 shares of Leslie's common stock (CUSIP 527064109).

How much of LESL outstanding stock is represented by 80,000 shares?

80,000 shares represent 0.04% of 185,421,657 shares outstanding as of 05/02/2025 per the filing.

What voting and dispositive powers are reported in the filing?

Each reporting person discloses sole voting power: 80,000, shared voting power: 0, sole dispositive power: 80,000, and shared dispositive power: 0.

Is this a >5% ownership filing for Leslie's (LESL)?

No. Item 5 indicates ownership of 5 percent or less; the reported stake is 0.04%.

Was the Schedule 13G/A filed jointly and are there certifications about intent?

Yes. The filing is joint (Exhibit 99.1) and includes an Item 10 certification stating the shares were acquired in the ordinary course of business and not to influence control. Signatures dated 08/04/2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/06/2025 - 08:33 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Leslie's, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

527064109

(CUSIP Number)

07/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 527064109

1

Names of Reporting Persons

Clarkston Capital Partners, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MICHIGAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 80,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 80,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

80,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.04 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 527064109

1

Names of Reporting Persons

Clarkston Companies, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MICHIGAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 80,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 80,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

80,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.04 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 527064109

1

Names of Reporting Persons

Modell Capital LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MICHIGAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 80,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 80,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

80,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.04 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 527064109

1

Names of Reporting Persons

Jeffrey A. Hakala

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 80,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 80,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

80,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.04 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 527064109

1

Names of Reporting Persons

Gerald W. Hakala

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 80,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 80,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

80,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.04 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 527064109

1

Names of Reporting Persons

Jeremy J. Modell

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 80,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 80,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

80,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.04 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Leslie's, Inc.
(b)	Address of issuer's principal executive offices: 2005 East Indian School Road, Phoenix, AZ 85016
Item 2.
(a)	Name of person filing: This Schedule 13G/A is filed jointly pursuant to that certain Joint Filing Agreement filed herewith as Exhibit 99.1 by: Clarkston Capital Partners, LLC ("CCP"), Clarkston Companies, Inc. ("CC"), Modell Capital LLC ("MC"), Jeffrey A. Hakala, Gerald W. Hakala, Jeremy J. Modell
(b)	Address or principal business office or, if none, residence: 303 E Third St., Suite 110, Rochester, MI 48307
(c)	Citizenship: CCP and MC are Michigan limited liability companies. CC is a Michigan corporation. Jeffrey A. Hakala, Gerald W. Hakala, and Jeremy J. Modell (the "Individual Reporting Persons") are citizens of the United States of America.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 527064109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item (4) is set forth in Row 9 of cover page for each of the Reporting Persons and is incorporated herein by reference. Based upon 185,421,657 shares of Common Stock, par value $0.001 per share ("Common Stock"), of Leslie's, Inc. (the "Issuer") outstanding as of May 2, 2025, as reported in the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2025.
(b)	Percent of class: 0.04%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 80,000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 80,000
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The shares reported in this statement have been purchased by CCP on behalf of CCP's discretionary clients or by a control person of CCP in an account over which such control person has beneficial ownership. CCP's clients have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of such securities held in their accounts, subject to CCP's general authority to invest and reinvest the assets in each account under its management.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. With respect to CC, MC and the Individual Reporting Persons, see Item 4.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Clarkston Capital Partners, LLC

Signature:	/s/ Jeffrey A. Hakala
Name/Title:	Chief Executive Officer
Date:	08/04/2025

Clarkston Companies, Inc.

Signature:	/s/ Jeffrey A. Hakala
Name/Title:	Chief Executive Officer and President
Date:	08/04/2025

Modell Capital LLC

Signature:	/s/ Jeremy J. Modell
Name/Title:	Member
Date:	08/04/2025

Jeffrey A. Hakala

Signature:	/s/ Jeffrey A. Hakala
Name/Title:	Jeffrey A. Hakala
Date:	08/04/2025

Gerald W. Hakala

Signature:	/s/ Gerald W. Hakala
Name/Title:	Gerald W. Hakala
Date:	08/04/2025

Jeremy J. Modell

Signature:	/s/ Jeremy J. Modell
Name/Title:	Jeremy J. Modell
Date:	08/04/2025

Exhibit Information

Joint Filing Agreement