Poolwerx taps Wingate Corporate Investments to accelerate growth
Brisbane-based Poolwerx is on the expansion trail, partnering with investment house Wingate to accelerate the next phase of its domestic and international growth.
Brisbane-based Poolwerx is partnering with Melbourne-based investment house Wingate to accelerate the next phase of its domestic and international growth.
Poolwerx, founded by former soft drink sales executive John O’Brien with a single pool shop in suburban Jindalee in 1992, is now the world’s largest global franchise pool service brand. The agreement with Wingate comes after Poolwerx last year partnered with equity investment outfit Norwest to help drive business expansion in Australia and overseas.
Poolwerx has grown to nearly 600 service vehicles and 160 stores in Australia, New Zealand and the United States. Wingate Corporate Investments managing director Selwyn Schroeder says the firm will provide an additional level of “flexible funding” to support Poolwerx’ ambitious growth plan. “Poolwerx is an iconic Australian business,” Schroeder says. “We see partnering with the Poolwerx as a cornerstone development in our strategy.”
Wingate Corporate Investments (WCI) has closed over $600m of corporate credit facilities, with over $300m currently under active management. The debt facility being extended to Poolwerx was not disclosed.
O’Brien says he is optimistic about the firm’s future successes with Wingate as a strategic partner. “Over the past three decades, Poolwerx has thrived as a brand, showcasing resilience through a number of economic and global hardships,” he says.
O’Brien says he was inspired to start Poolwerx when he travelled to California in the early 1990s and saw most pools were maintained by mum and dad operations.
“My mum was a bar maid who managed to put me through boarding school and when I graduated she gave me $20 bucks,” says O’Brien, who learned his business smarts working for soft drink giant Cadbury Schweppes.
High flyers named
Queensland Airports Limited (QAL) has announced some big hires as its executive team returns to full strength following some difficult years for the aviation sector. The operator of the Gold Coast, Townsville, Mount Isa and Longreach airports has appointed its former general manager of finance Ben Daly as chief financial officer, replacing Amelia Evans who took on the role of chief executive officer last July.
Brian McGuckin has been named as chief property and planning officer, having previously worked at Springfield City Group while Shannon McFadden joins in the newly created role of chief strategy, sustainability and people officer after a stint at Bain & Company as the vice president of operations and talent. QAL chief executive Amelia Evans says the team is pleased to have a full executive committee once again as passenger numbers recover.
Building up
Some rare good news for the troubled building sector. Brisbane-based bathroom and kitchen fixtures supplier GWA Group says it expects buoyant home building to continue over the next six months. GWA managing director Urs Meyerhans says detached housing should support a solid level of completions into the first half of the financial year. “GWA also expects increased activity in multi residential, social and affordable housing and build to rent categories,” says Meyerhans.”However, demand activity in residential renovation and replacement is expected to remain subdued. “ The company reported a 22.7 per cent rise in bottom-line annual net profit, after one-off items, to $43.2m.
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