Evolve group purchases Poolrite
Evolve Composites Pty Ltd has purchased the assets of Poolrite following discussions that have lasted many months. Established in 1978, Poolrite was once one of Australia’s largest manufacturers of pool and spa equipment, reaching $30 million in sales per annum at the height of its success. However, the long-running company encountered some difficulties and went into administration in late 2012.
Evolve, based in Brisbane, manufactures and distributes the Australian-made Polyslab and Evo-Crete ranges.
Ty Hermans, Managing Director of Evolve, had been screening the market for opportunities in the pool market for several years, believing that Evolve’s experience in research and development, manufacturing, sales and marketing would ensure the success of such ventures.
On hearing of Poolrite’s difficulties, Hermans was quick to license the rights to manufacture, distribute, market and sell the Poolrite range of products. Hermans also prepared and logged a DOCA, which was originally rejected by creditors who favoured an acquisition by AustralPool Australia.
Fortunately for Hermans, several months of negotiations between the creditors and AustralPool could not result in a favourable outcome for both parties and Poolrite remained unsold. Last month, Evolve successfully negotiated a deal with the administrators, which is scheduled to settle in late July.
“We see the acquisition of the Poolrite assets as delivering us several potentially distinct businesses including minerals, spare parts, pumps and skimmers,” Hermans said.
“We have made no secret of our long-term goal to play in the pool industry, and acquiring the assets of Poolrite makes it that much more viable.
“Our own brand Element was to be released into the market for the Australian summer, but we have brought forward our first product for immediate launch - Element Minerals - a low-cost magnesium mineral alternative to Magnapool’s legendary magnesium mineral blend. The Element Mineral range is simply something the market was desperately looking for and we will make this a reality this month.
“Poolrite is now in the hands of Evolve and we look forward to providing further updates and ensuring the continued supply of this great range of Aussie-made products,” Hermans said.
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