In yet another industry shakeup, in July it was announced that Poolwerx, a pool and hot tub franchise service, repair and retail company founded in Brisbane, Australia, has been acquired by U.S. investment firm, Norwest Venture Partners.
The firm, based in Palo Alto, California, has made Poolwerx its first investment from its $3 billion NVP XVI growth equity fund, and is hoping to further develop the company’s expansion in the United States.
Poolwerx, which already has 170 stores, 350 franchise partners and 600 service vans spread across Australia, the United States and New Zealand, with a U.S.-based headquarters in Dallas, was founded by Australian John O’Brien in 1992. Going forward, O’Brien will be switching from his role as CEO to executive director, and will be retaining significant equity stakes in the company.
It has also been confirmed that Andrew Kidd, chief operations officer, will be taking over as Poolwerx North American CEO.
The investment should provide resources to allow Poolwerx to expand further across the United States, as well as into other international markets, and allow existing franchise partners to see their businesses develop at a faster rate.
For more information on Poolwerx, visit Poolwerx.com.