High-vis demand has Quadrant’s Jaybro building for an IPO

afr.com:

Jaybro, which sells and delivers items such as drill bits, concrete barriers and high-vis workwear twice a day to construction sites, is delivering 15 per cent growth as spending on infrastructure projects ramps up.

Chief executive Adrian Palumbo says demand for high-vis vests and clothing used by workers on civil infrastructure projects is a solid benchmark for measuring the health of the business, and it is running strongly.

“I think it’s one of the core indicators,” he said.

Chief executive of Jaybro, Adrian Palumbo, at the company’s headquarters in Sydney.  Flavio Bracaleone

Jaybro, majority owned by private equity group Quadrant since late 2021, has produced revenues of $450 million in the 12 months ended June 30, and Mr Palumbo said over the past four years, annual growth had been running at about 15 per cent.

The company, which operates large warehouses in capital cities and Newcastle, promises to deliver its range of 10,000-plus products within four hours, and Mr Palumbo said it was that speed and range that helped build momentum.

“We do a run first thing in the morning, and then one early in the afternoon,” he said.

Mr Palumbo said that, at some point, a public float on the ASX was one of the options that would be considered for Jaybro, but that was likely to be some way off.

“Obviously, we are owned by private equity so an exit eventually is inevitable,” Mr Palumbo said. “I think an IPO is definitely one of the potential exits.”

Other options include new private equity owners, Mr Palumbo said.

Quadrant acquired Jaybro in late 2021 for about $620 million. Jaybro is on the hunt for further acquisitions to expand the business.

“There’s no shortage of opportunities,” Mr Palumbo said.

He said it was still a