by Alex Tilbury, The Courier Mail
Private equity backed Jeminex has acquired successful Brisbane-based chain and safety lifting company John L Robertson for an undisclosed sum ahead of a $300 million sharemarket float next year.
Jeminex, run by former Wesfarmers executive Mark Allison, has been on a spending spree, with more five acquisitions set to be completed in Queensland and Western Australia by Christmas.
Brisbane's privately owned John L Robertson was never on the market despite being approached by different suitors before its sale two months ago.
Jeminex, 60 per cent-owned by an AMP private equity fund, is understood to have outbid Wesfarmers for the now-named Robertsons.
“They came to us. We've got a very successful business that has been growing through hard work and we have 10 branches around Australia,'' 57-year-old founder John Robertson said.
“Over the years we have been approached by lots of different people but for us to become the No. 1 chain and lifting company in Australia we had to become part of a bigger group.
“The whole synergy of the new group is working in parallel with another Jeminex company called Beaver (manufacturer and supplier), which is opening doors for us.
Mr Robertson said that, after 35 years running his business, it would be ``nice to be able to sit back and see the younger generation take it through''.
“Frankly, I am 58 in January and I'm a dinosaur,'' he said.
“I've worked hard but the way they run businesses these days is not how they did it last year.
“It's a changing of the guard, it's a different era. But I didn't need the money as I've got a fair holding in real estate and own all our properties around Australia, so the money was a bonus.
“I believe in the next three years we'll be No. 1 in Australia,'' he said, overtaking market leaders Bullivants and A Noble & Son.
Eldest son Todd said he always wanted to sit in the boss's chair and his father told him he would always have to work “twice as hard to prove you are half as good''.
Todd, 29, has for three years been the operations manager but has been promoted to general manager, while his father will remain on hand for six months.
John Robertson started his business after a two-year stint in the army as a 19-year-old.
He left Cavendish Road State High School at age 15 and learned his trade at Falkner Chains, a well-known Brisbane-based chain maker, where his dad Bert and grandfather Albert also worked.
“I was drafted back in 1970 and it was the best two years of my life. It showed me there was more to life than just Falkner Chains,'' he said.
“It gave me a sense of urgency and when I got out I started my own business at age 22.''
Sydney-based Mark Allison said Robertsons was a natural fit for its lifting, rigging and height safety division.
``Robertsons came up as the best option because it's a national business, been around for a long time, got good people and it's got strong technical competencies,'' Mr Allison said.
At a glance
* Changing of guard at John L Robertson
* Jeminex snaps up Brisbane lifting outfit
* Private equity float worth $300m set for next year