The Drug Detection Agency seeks capital boost
The drug testing business has fast become a booming trade, typical of the contemporary Australian workplace and it seems representation for one of the Pacific region’s biggest players is set to grow.
Inside Franchise Business can confirm that New Zealand-based workplace health and safety franchise, The Drug Detection Agency (TDDA) has enlisted advisory and investment firm KordaMentha to assist in capital raising efforts.
Founded in 2005, TDDA has a mobile network of 27 franchisees across Australia and New Zealand, delivering on-site drug testing and educational courses to workplaces.
Kirk Hardy, TDDA CEO and founder said a capital injection would allow the franchise brand to explore domestic expansion and opportunities for further strategic investment.
“We have a strong brand and we want to utilise that to continue to grow the business,” Hardy said.
“We have identified a number of opportunities that we are considering pursuing, all of which will require an injection of capital. They include entering new markets such as wellness, offering new services, investing in and partnering with aligned businesses, like laboratories, as well as introducing new technologies to meet growing demand.”
Currently, TDDA performs testing at an in-house laboratory in New Zealand, however an Australian centre would allow for greater representation and turnaround for the group’s franchisees.
TDDA confirmed that initial capital investment would go towards furthering the brand’s current Australian presence, which has seen steady growth since entering the market in 2011.
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