Pause … engage: Former Wallaby prop lands $14m payday after Avada IPO
Former Wallaby prop Dan Crowley is heading for a $14 million payday from the $35 million IPO of traffic management company Avada Group.
The company will have a forecast valuation of $73 million when it lists on December 16.
Former Aurizon chief executive Lance Hockridge will chair the company and Crowley will be managing director. Crowley will hold 14 million shares, or 19.4 per cent, that will have a $1 a share value. Hockridge will hold 7.6 million, or about 10 per cent. The founders will hold more than 41 per cent of the company.
The float will bring together four companies Verifact, Arid to Oasis, Platinum Traffic Services and D&D Traffic Management.
The prospectus claims the company will have revenue of $146 million in 2022 and EBITDA of $15.5 million and following the listing Avada will be only listed provider of traffic management services in Australia with services in NSW and Queensland.
The Avada offer closes on December 2 and a listing is expected on December 16.
Its clients include state and local governments, federally funded contractors and major contractors in the utilities, infrastructure, construction, telecommunications and other industrial sectors.
Before working in traffic management Crowley was in the Queensland Police where he worked for several years undercover while also playing more than 100 times for Queensland in rugby union. He had 38 Wallaby caps.
Former Wallaby Brendan Cannon is also listed as a general manager of Verifact.
Fellow Wallaby and QIC chief executive Damien Frawley has also picked up a board seat with Mirvac following his decision to retire from the investment manager next year.
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Mirvac’s chairman is former Suncorp boss John Mulcahy.
He said Frawley’s experience and skills positioned him well to complement the existing board.
“Damien has wide-ranging experience in investment management and asset management in real estate and infrastructure in Australia and offshore as well as public markets.
“During his time at QIC, Damien has grown the investment management corporation’s assets under management to $92 billion, managing assets and investments for a wide range of government, domestic and global institutional investors.
