Image: Damione (2nd left) with Kate de Jong, David Blythe-Wood, Brad Pense, Arnold Stroobach.
By Jeff Bell.
How did you find the right product on which to base a new company?
Having launched the start-up, what was the path that led to expansion–nationally and internationally?
Over the less than 20 years, what were the events that led to a US merger and subsequent venture capital involvement?
These were some of the questions put to Damione Wright, who is Managing Director of Mechanix Wear Asia Pacific.
Damione led a conversation for Band of Leaders Australia (BOLA) members and guests entitled Company Created, at the group’s monthly meeting on Friday 19 April at Caffé Casa Nostra in Osborne Park.
BOLA is a peer membership group for business owners and chief executives. We seek to take our members beyond achievement to success—the essence of leadership. Inviting Guest Conversations is a key activity in our group meeting.
Damione has a wealth of experience, from his corporate beginnings to founding Performance on Hand, a company dedicated to enhancing the productivity and health of working hands, culminating in a strategic merger with the US-based Mechanix Wear, a global leader in high-performance hand protection.
The dialogue offered a unique perspective on Damione’s entrepreneurial journey, uncovering the sales, marketing, operational, and leadership hurdles he faced. We also heard about navigating the complex networks to establish supplier relationships with the major corporates in the resources and retail sectors.
After a brief post-graduate career in banking, Damione departed in in 2003 to look for opportunities that would satisfy a high purpose, provide a strong match for his established skills and be something that was more than a hobby.
Following his interest in occupational health and safety, Damione and his wife Sharon attended trade fairs in the US and Europe, seeking out unmet demand in potentially high volume markets. They came to find that hand-related injuries were the most prevalent around the world. The couple then went searching for an industry partner.
In the US, they found Ironclad, specializing in DIY and trade gloves, and Mechanix Wear, who specialised in the automotive sector. Damione and Sharon pitched their bids for representation in Australia, including suggestions to modify for the local market. They were successful in signing exclusive distribution rights for the products that were manufactured in South-East Asia, with the research and development base in the US.
Over these years, the business grew steadily from their Perth base and the couple decided that, despite their careers in banking, they would expand only through retained profits. They continued to attend the market expos and to provide input to innovation. In the local market, they established a strong supplier relationship with Bunnings.
In 2016 they divested out of POH to set up Mechanix Wear Asia Pacific in a 50/50 deal. Damione was also responsible for the European, Middle East and African (EMEA) activities of the business and he set about establishing relationships in China and Japan. In 2019 the group was bought by private equity firm Griffin Investors out of San Francisco. Damione and Sharon retained a minority shareholding. A liquidity event is scheduled for October.
Damione graduated with a degree in economics and worked for J P Morgan in London and returned to Sydney where he landed a job in the dealing room of the Reserve Bank of Australia. There he met Sharon–now his wife of 22 years–who was subsequently transferred to Perth.
The couple departed the RBA, about 2 years apart, to form the POH business in 2005.
In Perth, they raised 2 sons, who are now at university in Perth and Melbourne.
In appreciation of Damione’s Guest Conversation, we presented him with a Margaret River premium red and a donation to Beyond Blue.
Typically, our agenda includes such a Guest Conversation as Damione’s, processing of strategic opportunities raised within the group and leadership development tools and activities.
BOLA members will meet next on Friday 17 May when we take a departure from our usual meeting structure to present 3 Guest Conversations–and invite members’ life partners.
Prospective members and referrers are invited on request as Paul Manning is continuing to build his BOLA Growth group.
In the meantime, each member will have a monthly coaching session with their Chair, Jeff.