Poolwerx founder sells stake to US investor Norwest to drive growth
Poolwerx founder John O’Brien, who started the global pool servicing firm three decades ago from a single Brisbane shop, has sold a stake in the $200m business to a major US investor.
Poolwerx founder John O‘Brien, who started what is now the world’s largest pool services franchise, has sold a stake in the $200m business to a US equity investment firm.
O’Brien told City Beat that California-based Norwest now holds a substantial stake in Poolwerx, positioning the 30-year-old firm for further global growth.
O’Brien, who started Poolwerx with a single shop in Brisbane in 1992, did not disclose financial details of the transactions. Both he and fellow veteran shareholder Terry Morris, the founder of Sirromet Wines, continue to hold a major stake in the business.
O’Brien says the firm had been approached by scores of potential investors but were impressed with Norwest’s expertise with franchising and access to capital.
Norwest already partners with Uber, Spotify and Calm as well as a range of franchise businesses. “We have taken the business so far and now it is time to take it to the next level,” says O’Brien, who started in business with a $20 loan from his mum.
Poolwerx has in recent years expanded into the lucrative US market and now boasts 350 franchise partners, 170 stores and 600 service vans globally.
O’Brien says Poolwerx’s current chief operations officer Nic Brill will step into the role of chief executive, allowing him to take a more strategic role as executive director. Interfinancial Corporate Finance was the lead advisor to Poolwerx and its shareholders on the transactions.
“I started Poolwerx 30 years ago and during this time, we have proven our resilience as a brand,” O’Brien says. “We have experienced immense growth in every year of operation despite multiple recessions, and have achieved record sales during a global pandemic. Through this new partnership, we will have access to Norwest’s wealth of experience across both franchise and non-franchise businesses, allowing us to reach our ambitious growth goals faster.”
SWEET MOMENT
Brisbane-based electric vehicle charging company may be listed on Nasdaq and have expanding global operations but clearly it has not forgotten its Aussie roots.
City Beat spies tell us Tritium chief executive Jane Hunter was spotted in the company‘s Netherlands office recently taste testing a huge table of Tim Tams brought in from Australia. It has been a huge year for Hunter and the Tritium team so they probably deserve a good cuppa and a couple of bikkies.
Hunter appeared at the White House with US President Joe Biden back in February when the leader of the free world backed the company‘s manufacturing expansion in the US.
The stock debuted on Nasdaq on January 14 following Tritium’s $1.8bn merger last year with a US investment firm.
FROM SMALL THINGS
QCoal Foundation, founded by Queensland rich-lister Chris Wallin, is doing its bit where it counts.
The philanthropic body is asking for applications for its community spirit grants that provide much-need assistance across the state.
The foundation recently supported the Mackay Hospital Foundation to purchase a sofa bed for the Collinsville Hospital‘s Palliative Care Room. The sofa provides a small measure of comfort in difficult times for both patients and their families.
Now one of Australia’s richest mining executives, Wallin is one of the biggest benefactors of the Royal Flying Doctor Service, recently donating $3m to help construct a pilot training centre in Bundaberg to cater for its new fleet of Beechcraft aircraft.
Wallin, who was last week named by The Australian as the country’s 65th richest man with a fortune of $1.89bn, trained as a geologist with the Queensland Government before founding his own company QCoal in the late 1980s.
Number’s up for new AMP cards
The financial services group will issue the first credit or debit cards in Australia that do not feature a 16-digit number, through a partnership with Mastercard in a bid to crack down on scams.
Twist in move to trademark the ‘river’
It was only a matter of time before someone tried putting a trademark on the pro-Palestine rallying cry, but the obvious candidates have been beaten to the punch.