Anthony Wooles' five-year expedition into the energy infrastructure sector has paid off handsomely, with the takeover of his listed PearlStreet business valuing his stake at more than $32 million.
Under the terms of the $108.3 million takeover offer from the testing division of Campbell Brothers, Mr Wooles' 38.1 million shares are worth $28.6 million and his 9.5 million options are valued at $3.7 million.
PearlStreet's chairman David Eiszele is also likely to be well rewarded for his stewardship of the company's board since 2006, with his shares and options valued at $2.5 million.
Other winners are investors via Euroz Securities, which represented more than 11 per cent of the register at June 30, including 4.7 million shares which were held by its Westoz Funds Management business.
Those returns would look good against many fortunes made in mining or resources over the same period, especially given the impact of the global financial crisis on infrastructure investment. PearlStreet shares plunged to well below 30 cents at the worst of the turmoil.
After winding down his management consulting practice, Trudo, Mr Wooles founded PearlStreet in 2004 with the purchase of Integrated Power Services Pty Ltd for an estimated $3.4 million. A provider of energy services, IPS was a joint venture between Halliburton Australia and the former monopoly power utility Western Power.
A year later PearlStreet acquired Melbourne firm ETRS in a move that tripled the size of its business at the time to around $30 million turnover and almost 200 staff.
PearlStreet listed on the ASX in early 2007 after raising $8 million from the market to value the company at around $24 million.
Since listing PearlStreet pursued consolidation in the testing market, acquiring Australian NDT, Accura Analytical Laboratories and Metlabs to become a leader in non-destructive testing with 25 offices around the nation.
In late September, Catalyst Investment Partners agreed to pay $23 million to take a minimum stake of 46 per cent. That deal trumped an offer by Campbell at 56 cents per share.
The successful Campbell offer represents $63.7 million for equity, with $44.6 million for debt.
