Former Hoffinger president buys Cornelius. (Making News).

The former president of Hoffinger Industries, maker of Doughboy aboveground pools, has left the company to purchase one of its competitors.

Brad Rinehart, who served as Hoffinger president from 1999 to 2001, formed North American Pool Co. with operating partner Sam Southard so they

The new company will operate as Cornelius Industries, with Rinehart as CEO.

In 2001, Hoffinger Industries was hit with a $12.5 million judgment after being found 75 percent liable for a diving accident. The company filed for Chapter 11 bankruptcy protection, which Rinehart said was the impetus for his departure. Hoffinger moved its offices from Rancho Cucamonga, Calif., to Southhaven, Miss.--45 minutes from its manufacturing facility in Arkansas.

Meanwhile, Cornelius moved its distribution offices from its St. Catherines, Ontario, Canada, base to Rancho Cucamonga.

The new head of Cornelius said "there weren't any real layoffs or closures. Because we were going to run the company, we did make some changes at the executive level, but those were the only real significant changes." Rinehart added that it was only a coincidence that Cornelius relocated to Rancho Cucamonga, Hoffinger's former hometown.

Rinehart said he's excited about his new company. "They have a great pool line and it's excellent quality. This company is a good platform to introduce new products, too. It's an exceptional team of employees and a solid dealer base," he said.

Besides aboveground pools, Cornelius manufactures inground steel panel pools and vinyl liners for both types of vessels.

The deal, Rinehart noted, was made with the assistance of PRIVEQ Capital Funds, a private equity and venture capital investor based in Toronto.