The initial public offering (IPO) market in 2016 has been practically non-existent. With only 38 companies going public so far this year, Jim Cramer said that's downright anemic compared to the 170 deals in the first half of 2015.

Additionally, there haven't been many opportunities for IPOs that Cramer would consider even worthwhile —until now.

"Unlike so many IPOs we have seen in the past year, SiteOne has actually gotten off to a pretty good start," the "Mad Money" host said.

SiteOne Landscape Supply is the only nationwide wholesale distributor of landscape supplies in the U.S. Locations that span 44 states, and it distributes more than 90,000 different products. Essentially, it's a one-stop-shop for anything a landscape design.

The company went public in March at $21 per share, and shot up to $26.67 on its first day of trading. In the next few days it almost hit $30 before pulling back and has since traded sideways.

SiteOne was initially created in 2001 as a part of Deere, under John Deere Landscapes. In 2013, private equity firm CD&R purchased a 60 percent stake in the company.

Cramer was concerned about the company's balance sheet, as with most private equity backed IPOs; it has little cash and nearly $400 million in long-term debt. It raised nearly $200 million in the IPO and it is using some of that to pay down the debt.

Another concern was that housing can be very cyclical, and if the Federal Reserve decides to tighten aggressively one day, the industry will be crushed and there will be less demand for landscaping supplies.

Third, it is also held hostage to commodity prices for things like grass, seed and chemicals used in fertilizer.

But the pros still outweighed the cons for Cramer.

SiteOne believes that the wholesale landscape supply business is worth more than $16 billion in North America. Growth is driven by customer spending, housing starts, existing home sales, rising home prices and commercial construction. And with housing starts expecting to increase by 18.5 percent, it could translate into a lot more spending on landscaping.

Additionally, SiteOne is the clear market leader in the industry. It is four times the size of its next closest competitor. The company also believes it can expand dramatically with smart acquisitions.

SiteOne is slated to report earnings next Wednesday. For investors who like the stock, Cramer recommended to put a small position in it before the report and wait to see what happens.

"They could report strong numbers, but then get slammed if the Brexit vote goes the wrong way the next day," Cramer said. "This is the kind of sleeper stock that truly fits the domestic risk profile needed to stay in the game during this erratic, internationally driven market."

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