Navis exits Australia's Worldmark to Quadrant

It brings to an end Philip Latham's 18-year association with the company, which he acquired for $19.9 million in 1999 while at RMB Capital Partners (then known as RMB Ventures). WorldMark was sold five years later for $72 million and Latham remained on the board until 2007. After joining Navis, he led a $110 million buyout of the business in 2010.

WorldMark was originally a Western Australia-based company that sold window film, car alarms, satnav devices and other auto peripherals to car dealerships through a network of franchise workshops. RMB sold off the franchises and turned the company into a supplier and broker, providing products to the workshop owners and managing the service relationships with dealers. WorldMark also acquired an industry rival with a stronger presence on Australia's eastern seaboard to become a nationwide player.

Through a combination of the ex-franchisee network and directly-owned shops, the company achieved a 70-80% penetration of Australia's approximately 1,600 new and used dealerships. During Navis' ownership, steps were also taken to enter new product segments - such as Bluetooth in-car electronics and insurance services - and add new sales channels. Notably, agreements were reached with local fleet companies, which resulted in agents selling WorldMark products alongside vehicle leasing services.

Under the MotorOne brand, the company now sells window tint, electronic accessories and protection for paintwork and internal fabrics used in approximately 25% of all new cars sold in Australia. Meanwhile, the Tint-a-Car business-to-consumer unit has more than 100 stores providing automotive training and other products and services.

In addition, WorldMark offered automotive retail training, dealer process improvement and outsourcing enterprise services through Sewells Group. This business, which has a customer base that stretches across Asia Pacific, Africa and the Middle East, was sold to MXI International, a global business process outsourcing company, in March.

"The Australian automotive industry has been a resilient sector to invest and during Navis' ownership the business has driven strong product innovation and expanded into new channels through both organic initiatives and a focused acquisition strategy," Latham said in a statement.

WorldMark represents Navis' second Australian exit this year to another private equity firm. In February, it sold a controlling stake in early childhood education provider Guardian Early Learning Group to Partners Group at a post-deal valuation of A$440 million ($313 million). Quadrant, which targets middle-market buyouts in Australia and New Zealand, recently closed its eighth fund at A$980 million.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Australasia
• Exits
• Support services
• Trade sale
• Consumer
• Australia
• Navis Management
• Quadrant Private Equity
• Exit
• Consumer
• automobiles