WorkPac
Partnering with WorkPac’s Founder to Deliver a Successful Exit
Workforce Solutions & Recruitment
2020
Partnered
Location
AUSTRALIA
Status
REALISED
Overview
WorkPac is one of Australia's largest labour hire and recruitment businesses, serving clients in mining, construction, infrastructure and other industries.
Phil Smart founded it more than 25 years ago and built it into a national business.
The Partnership
After years building WorkPac, Phil was ready to plan his exit and turned to Coogee for help.
In 2020, Coogee invested alongside him to strengthen WorkPac's leadership, simplify the business and improve how it ran.
Watch the Story
“I’d built the business I set out to build, but I had no experience in how to exit it or structure it for the next stage. I knew I needed someone to come in as a partner, work alongside us and bring a different skill set. Five years later, we’d successfully completed that next chapter.”
Coogee’s Contribution
Coogee helped appoint a new CEO and CFO to build a senior team that could run the business independently. David Baxby also became Chairman.
Building the Leadership Team
Management exited non-core activities and reduced costs, with Coogee's support, so the business could focus on its core labour hire services.
Simplifying and Refocusing the Business
Renegotiated the funding facility and improved reporting, planning and commercial decision-making. WorkPac gained financial flexibility and management had clearer accountability.
Strengthening Funding and Management Discipline
Supported Phil and management through several significant issues, including an underperforming division, working capital pressure and legislative change affecting the business.
Working Through Difficult Challenges
Coogee worked alongside Phil and the management team to prepare WorkPac for market, assess the transaction options and drove the sale process through to completion. In 2025, WorkPac was acquired by an ASX-listed company.
Preparing and Leading the Sale
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