From PE to Corporate: Andrew Poole Leads Quad Lock Sale

Andrew Poole has plenty of experience and some sage advice for aspiring leaders of private equity-owned companies. It starts with taking a leap of faith because, he says, “You’re always more capable than perhaps you personally think you are... You’ve just got to get comfortable being uncomfortable.”

And he should know. In just three years, he transformed Quad Lock from a modest outdoor adventure lifestyle brand with a team of 40 into a high-value acquisition target with a staff of over 100 people. Increased annual revenue fourfold and secured Quad Lock’s sale to Swedish outdoor giant Thule at ten times its EBITDA value. “All with the relentless work of the entire team”, Poole is quick to add.

It was a transaction that he believes will be “the highlight of my career”.

To achieve such success, he says his guiding principles were authenticity, connection, strategic focus, and active listening. As his grandmother advised him, “You have two ears and one mouth, and you should use them in that order.”

From Corporate Giant to Private Equity

Before joining Quad Lock, Poole had never considered a role in private equity.

“I didn’t realise I had the skillset,” Poole reflected. “If you’d said to me at the end of 2020, when I was leaving Nike (in the United States to return to Australia), that that’s what the next few years would involve, I probably would’ve said, I don’t think so…”

However, with encouragement from Quad Lock’s founders, Rob Ward and Chris Peters, he quickly discovered that his experience at Nike – across the USA, Asia and Australia, in roles including General Manager, Sales Director, and Managing Director – had equipped him with “surprisingly transferable” skills.

Working within Nike’s matrixed global structure taught him to effectively navigate multiple stakeholders. The fast-paced retail environment also gave him valuable insights into consumer behaviour, branding, and market dynamics—areas where private equity typically looks for capability to support their acquisitions.

“Private Equity has a very distinct set of skills, focused on the acquisition of businesses and delivering pathways to transform them into larger and or more profitable operations. Part of that transformation is finding capability in external talent to support and develop that transformation in a relatively short period.”

Crucially, at Nike, Poole had also recognised the impact of organisational culture and “what that means for the people who work within the four walls of the business.”

Authenticity and Connection

When tasked with scaling and transforming Quad Lock, Poole approached the challenge with considerable care.

“Whilst Quad Lock wasn’t technically a family business, it operated with a tight-knit fabric, and this wasn’t something I wanted to lose,” he noted.

His solution was to create a personal connection with each team member.

“When I started, I sat down with every single person in the team to hear their story,” Poole said. “I still go and have coffee with each new starter, just to introduce myself, tell them a little bit about my experience and ask them about the things that are important to them.”

This approach proved particularly valuable during the sales process when Thule executives were frequently present for due diligence activities. Poole worked to address staff uncertainties throughout this period. “You have to be as honest as you possibly can within the limits of the transaction process,” he observed.

The Perfect Fit

While several companies expressed interest in acquiring Quad Lock, Thule emerged as the clear frontrunner.

Interestingly, founders Rob and Chris had identified Thule as a potential buyer “as far back as the first two or three years of Quad Lock’s existence.”

After meeting with numerous private equity groups and trade buyers, the decision became straightforward. Poole noted that the synergy between the brands was immediately apparent. Quad Lock excelled in its direct-to-consumer sales, while Thule dominated wholesale channels, particularly in international markets.

“The fit of the brand, fit of the consumer, their strengths versus our strengths, it was a very easy synergy to unlock,” he explained.

Following the deal’s completion, Poole implemented a comprehensive communication strategy – including an all-hands meeting, a video call with Thule’s CEO, and an in-person visit from Thule executives within days of closing.

This swift introduction “demystified” the acquisition, demonstrating to staff that “we’ve actually been bought by an amazing brand being led by some great people who are genuinely interested in our business and our people.”

People Management

As Quad Lock expanded from 40 to over 100 employees, Poole acknowledged challenges in talent acquisition during the early growth phase. However, as the company’s profile strengthened, recruitment became progressively easier.

“We are now securing candidates (for executive positions) of a much higher calibre,” he noted.

To ensure successful team building – both in terms of skills and cultural alignment – Poole adopted a collaborative hiring approach involving multiple stakeholders.

“If we’re recruiting for a CMO, I ensure I’ve got the chief product officer involved at some point or the sales director. And, of course, the Founders have been involved to some degree at some point.” This approach ensures senior team members are “invested in that decision as well; they all have some skin in the game.”

Despite the significant organisational changes, Quad Lock’s impressive employee satisfaction metrics reflect the effectiveness of this strategy.

“We use an engagement survey tool to track employee satisfaction across multiple dimensions,” Poole explained. “Last year, we finished at 88% engagement; this year, we’ve finished at 84%, so it’s declined slightly, but we’ve also grown our team. I would take that any day.”

Founder Relationships

Poole has maintained strong relationships with Quad Lock’s founders throughout the transformation journey.

“I probably didn’t realise how complicated it can be to work in a company with its founders,” he reflected.

Despite those challenges, the partnership has flourished. “They’ve been fabulous – I wouldn’t trade those two guys for anything, and they’re still in the business,” Poole affirmed.

Looking ahead, with Quad Lock now integrating into the Thule family, Poole will continue working with the company to implement a three-year growth strategy focused on expansion in the United States and Europe.