Rentals biz Clennett Hire seeks fresh funds; taps Lempriere Wells
Machine and equipment rental business Clennett Hire has ruled off a $3 million funding round to fast-track its growth plans.
Allice Wells of boutique advisory Lempriere Wells. Pickles AFR
The raise was led by Alice Well’s boutique capital advisory Lempriere Wells, an obvious choice for chairman and husband Will Clennett.
“The board remains committed to attracting a strategic partner to accelerate our next stage of growth and after some recent inbound enquiry we have decided to commence a formal process to achieve this,” Clennett told Street Talk.
Clennett Hire told potential investors it’s delivered top-line compound annual growth rate of 153 per cent since inception in 2019, helped by strong growth in the domestic construction sector.
The business has been profitable since financial year 2021 and is on track to achieve $28 million revenue and $13.5 million earnings before interest, tax, depreciation and amortisation this financial year.
Clennett Hire operates across Tasmania and Victoria and has partnerships with Metcash’s Mitre 10, delivering equipment to trade customers, and Qube Logistics. It’s run by Saar Alfasi, founder of east coat equipment hire business Alfasi Hire.
Lempriere Wells has been spotted across a range of deals this year including finding a strategic investor for brand and automation software start-up Sesimi and offering up Aussie men’s grooming brand Patricks.
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