Poolwerx, the largest global franchise pool service brand, is embarking on an ambitious growth path, today announcing it has partnered with Norwest, a leading global investment firm, to drive business expansion in Australia and overseas.
Norwest, which already partners with some of the world’s largest brands, including Uber, Spotify and Calm, and a range of franchise businesses, will bring to the table additional expertise and opportunities that enable Poolwerx to grow bigger and faster in Australia, New Zealand and the U.S.
Poolwerx founder and CEO John O’Brien said he was thrilled to welcome Norwest into the Poolwerx family which includes 350 franchise partners, 170 stores and more than 600 service vans globally.
“I started Poolwerx 30 years ago and during this time, we have proven our resilience as a brand. We have experienced immense growth in every year of operation despite multiple recessions, and have achieved record sales during a global pandemic,” Mr O’Brien said. “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.”
“Poolwerx is one of the few international franchise brands that has cracked the U.S. market as a result of its robust expansion processes, strong relationships with franchise partners and suppliers, and fiercely loyal customer base,” said Stew Campbell, partner at Norwest. “The company is uniquely positioned to capitalise on opportunities in the large and growing pool and spa market across products and services domestically and overseas.”
Mr O’Brien said while Poolwerx will continue business as usual, COO Nic Brill will take the reigns as CEO. Mr Brill has been COO for three years, guiding the business to record sales during that time. He brings his skills in franchising and retail to his enhanced role in the Australian and New Zealand markets.
“I will continue to strategically lead the business as Executive Director. Our day-to-day operations will remain the same, as will our mission of building a network of small family businesses helping families create lifelong poolside memories,” Mr O’Brien said.
InterFinancial Corporate Finance was lead advisor to Poolwerx and its shareholders on this transaction.
Norwest is a leading venture and growth equity investment firm managing more than $12.5 billion in capital. Since its inception, Norwest has invested in more than 650 companies and currently partners with more than 200 companies in its venture and growth equity portfolio. The firm invests in early- to late-stage businesses across a wide range of sectors with a focus on consumer, enterprise and healthcare. The Norwest team offers a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto, Calif., and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.